A report by Singapore-based fintech platform ROSHI reveals that Singapore's cost of living is significantly higher than other major Southeast Asian cities.
Singapore topped the list with an index score over 80, while the next closest cities, Cambodia and Thailand, scored 44.5 and 40.7, respectively. Manila followed with a score of 35.6, making it the third-highest among the cities surveyed.
The high cost of living in Singapore is attributed to its limited land, advanced infrastructure, robust economy, high wages, and strong currency. The report also noted Singapore's status as a global financial hub, which attracts multinational corporations and wealthy expatriates, driving up costs similar to high-cost cities like Hong Kong and Seoul.
Renting a home in Singapore costs an average of $2,600 (P148,000), compared to $585 (P33,500) in Manila. Singapore also scored high on the groceries index, reflecting the higher costs of food, drinkable water, and household items compared to other cities in the region.
The report highlighted that the Philippines has been affected by global supply chain issues, leading to a sharp increase in the cost of imported goods, including school and office supplies, which rose by nearly 16% in 2023. Despite the high costs, the report emphasized that the cost of living does not directly correlate with the quality of life, as various factors contribute to overall living standards in each country.
News Source: PhilSTAR Daily
