Yuval Mann, director of Israel Chamber of Commerce in the Philippines
MANILA, Philippines – Israel is becoming a fast rising destination choice for Filipinos who are seeking job opportunities overseas.
Filipinos constitute one of the largest groups of immigrant workers and they are earning good money.
But according to Yuval Mann, director of Israel Chamber of Commerce in the Philippines, overseas Filipino workers in Israel should be smarter with their money because of Israel’s high cost of living.
He said that because Israel is a small country with only a few companies controlling majority of the market, prices of goods are expensive.
“The cost of living in Israel is very high because it’s a much smaller country than the Philippines,” Mann said on ANC’s “On The Money.”
The spending pattern in Israel is also different because of the high cost of housing.
“Israelis spend less because they have to spend a lot of money on housing and rent,” he said, noting that this is not the case on the Philippines.
“What you have here in the Philippines that is a very big advantage is the possibility of owning your own house or to have a condo, it’s a buyer’s market here, where in Israel it’s the opposite,” Mann explained.
Most workers in Israel are helpers, while some are involved in the agriculture and construction industries.
Mann observed that Filipinos who work in Israel are able to save more because they only either send their money home to support their families or to buy real estate in the Philippines.
He said that Filipinos earning and living in the Philippines end up spending more because of the family culture.
“The Filipino habit is to share with the family, which is nice, but it’s hard to know where the money really goes,” said Mann.
Israelis, on the other hand, are at a disadvantage in terms of saving money and buying real estate because of the high living costs in their country.
“The opportunities to save and invest in the Philippines are endless. It is a buyer’s market, and real estate is always an option,” Mann said.