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Monday, February 9, 2015

Philippines one of the world’s inexpensive countries

The Philippines has been cited in a world map infographic as a country with one of the world’s most inexpensive cost of living.

The South East Asian archipelagic country ranked 15th in the Lowest Cost of Living index.
Movehub, a website that provides information on the most popular destinations for expats, presented the infographic showing the difference in living costs around the globe.
The map is based on data provided by Numbeo, the world’s largest database of user-contributed data on costs and prices around the world.
Numbeo collects data on the prices of goods and services submitted by government institutions, supermarkets, and even press reports. For this current map, data from July 1, 2013 to January 2, 2015 were used.
Consumer Price Index (CPI) was used to determine the variations in costs of living between countries, accounting for the prices of groceries, restaurants, transportation, and utilities.
The Movehub infographic uses a country’s CPI in relation to New York’s cost of living.
The supermarket grocery cost consists of the charge for bread, eggs, fruits, meat, rice, vegetables and even alcohol.
Restaurant costs refer to prices for dining in expensive, mid-range and inexpensive eating places, the alcohol and water charges, and the price of coffee products.
Transportation costs include fuel prices, taxi fares, train ticket fees, and car prices.
The costs of utilities are based on the charges such as for electricity, water, heating, and the internet.

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