There is an article in the Today newspaper regarding the rising cost of living here in Singapore. In the annual survey – Singapore ranked 14th in the world…. overtaking New York. In Asia – it is ranked 5th after the usual suspects Osaka, Hongkong, Tokyo and Seoul. According to the survery – the rising cost of housing rental, transport costs and groceries are the main reasons why Singapore move up from 17th last year to 14th this year.
This is not really a surprise. Everyone is complaining about the rising cost of house rentals ngayon. Yung mga nasa Private condo nga ay lumilipat na sa HDB dahil hindi na kaya ang rent. Yung usual SGD$1500-SGD$1,800 3 bedroom private condo now costs around SGD$2,200. So not worth it… lalo na at tulugan lang naman talaga.. dahil most of the time ay nasa labas naman. Because of the rising demand for HDB flats – the rental costs sky rocketed as well. Maswerte na pag nakakita ka ng 3 bedroom HDB for SGD$1300. Grabe. Isama pa dito ang pagtaas ng GST (EVAT dyan sa Pinas) this coming July. From 5% to 7%…. hay… big headache…. Pero di pa dyan natatapos….. nandyan pa ang continued strengthening of the Philippine Peso… alamak…… I am really glad that the economy of the Philippines is improving. Kahit may mga kapalpakan man … we should give credit where credit is due … well done Ate Glue… noh… Nga lang….. pag nagreremit na kami ng aming hardearned money… hay… lungkot….. baba ng conversion hehehehe.
With all the above factors happening… patuloy na bumababa ang purchasing power naming mga Noypi dito sa Singapore. Technically — bumababa ang sweldo namin.. Wala naman adjustment na ginagawa ang mga agents/employers naming dito. Hindi naman kasi treated as “expats” ang mga Noypi dito. Slaves pwede pa…. expat… asa pa…. Kaya saa mga nasa Pinas…. Hello…Wake up… hindi ninyo monopolyo ang paghihirap… kaya pwede lang… tigilan na ang reklamo … minsan puro daldal… wala naming gawa. Hmp. … sa mga kapwa ko Noypi dito sa SG…. Ganyan talaga…… tiis lang….. sabi nga ni Kuya Kim — ang buhay ay weather-weather lang… J
PS… Copied the article from Today Newspaper July 19
Singapore more expensive to live in than New York; fifth most costly in Asia: Survey
Christie Loh (christie@mediacorp.com.sg)
THE by-product of a long-running economic boom has inevitably materialised. For the fourth straight year, a comprehensive survey shows Singapore scaling the ladder of expensive cities, raising concerns about whether rising costs will start to put off businesses and foreign talent. On a global scale, the Republic has overtaken New York to become the 14th most expensive city, up from 17th last year. Asia-wide, Singapore moved up a notch to fifth place behind Osaka, Hong Kong, Tokyo and Seoul. Pushing the island up the rungs were housing rental hikes, higher transport costs and costlier groceries, said Mercer Human Resource Consulting, which yesterday released the annual Worldwide Cost of Living Survey of 143 cities. The results are of interest to multinational companies and governments, which buy the reports to determine compensation allowances for their expatriate staff. .Already, some foreign investors here are having second thoughts. “We have heard of at least one case where the company plans to staff a particular Asia-wide role in Hong Kong instead of in Singapore, given the difference in costs under new rents,” Mr Fermin Diez, Mercer’s worldwide partner and market development director for Asia-Pacific, told Today. Several of his multinational corporation (MNC) clients have also started worrying about the burden on current expatriate staff here and the impact on profitability. As leases run out, “everyone balks at the rapid rise in rental”, said Mr Diez. Overall private home rents surged 14.1 per cent last year from 2005, official figures showed, but landlords in prime areas have reportedly asked for as much as 50 per cent more. Some MNCs are now providing their expatriate employees with extra funds to cover their rental differentials, he said. Meanwhile, other Asian capitals may look more alluring. Mercer’s survey shows that all cities in this region slid down the table, except Singapore and Indian cities. This trend was part of a major reshuffle in the 2007 rankings, due mainly to the weakening US dollar and the stronger Euro, explained Mercer. While Moscow remained the most expensive city for the second consecutive year, several European capitals — such as London, Paris, and Copenhagen — have moved closer to the top. Mercer compared the cost of some 200 items including transport, food, clothing and entertainment. Expats paid in US dollars – whose value slumped to the lowest since 1997 last year – would have less spending power in, say, Singapore, where the currency has strengthened. And even though cities — say in China — may be cheaper, some are often viewed by expats as “hardship postings”, said Credit Suisse First Boston economist Sailesh Jha, an American citizen living here for the past five years. Pollution, for instance, is causing some expats to move out of Hong Kong. Since 2004, Singapore has gone from 46th place on the Mercer survey to 34th, then 17th, and this year 14th. The ascent mirrors the economy’s steady recovery from the 2003 Sars crisis to the present good times of perkier wages and bigger profits. But although the horizon looks clear for Singapore over the next 12 to 24 months, it remains to be seen if the rosy picture would stay intact three to five years down the road.
“For any company wishing to expand in Asia, it’ll need to measure costs of relocation versus strategic value in nurturing growth of the company,” said Mr Diez.
-19JUNE07-
Posted by rollypollypanini
Posted by rollypollypanini
Posted by rollypollypanini 




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