Manila One Of The Cheapest Cities In The World
Komfie Manalo - All Headline News Foreign Correspondent Manila, Philippines (AHN) - A study made by Swiss banking giant UBS shows that the city of Manila in the Philippines is one of the cheapest cities in the world, although workers in the region also have one of the lowest wages globally and its people rank among the lowest level in purchasing powers. The survey titled "Prices and Earnings," ranks Manila No. 67 among the 71 cities in terms of prices of consumer goods and services, not including rent. The other cities where goods and services were cheaper were New Delhi, Buenos Aires, Mumbai and Kuala Lumpur. It uses consumer prices in New York city as the basis of comparing prices in major cities in the world. In the study, average prices in Manila is 46.7 percent or less than half of equivalent goods and services available in New York. The most expensive cities were Oslo, London, Copenhagen, Zurich and Tokyo. New York ranks number seven, UBS said. It is also in Manila where one can find the cheapest men's and women's clothes. UBS said, "A complete set of men's clothes of medium quality is eight times more expensive than it is in Manila. The same outfit for a lady costs 11 times as much." It adds, "Nowhere are gaps in global prices clearer than in clothing." The clothing price survey sought average prices for complete men's wardrobe (suit, blazer/jacket, shirt, jeans, socks and a pair of shoes) and compl |
