By Miguel R. Camus
Philippine Daily Inquirer
The price of luxury goods is on the rise as the ranks of Asia’s elite continue to expand but Manila still offers some surprising budget finds for the value-conscious millionaire or billionaire, according to a new report by Swiss private bank Julius Baer.
For high networth individuals, or those with at least $1 million in liquid and investible assets, Manila remains attractive for non-essential health services, luxury homes, golf club memberships and, for the fashionable set, men’s suits.
Buying frown lines away here is relatively inexpensive as a botox procedure could set an individual back by only $188, a fraction of the $5,800 needed at a high-end clinic in Tokyo, figures in the report showed.
One tooth implant for that million-dollar smile: $1,221 in Manila versus $4,500 in Hong Kong.
Even a top-quality tailored suit for men is a steal at $1,309 here when compared with $3,066 in Kuala Lumpur, which the study said was comparable with rates in Taipei.
Those items are the cheapest among the 11 cities tracked by the third edition of the Julius Baer Wealth Report Asia, which said the region’s wealth-creation engine “has decoupled from mature economies.”
The Philippine capital was included for the first time, alongside Jakarta, Kuala Lumpur, Taipei, Bangkok, Seoul and Tokyo on top of the original benchmarks Hong Kong, Singapore, Shanghai and Mumbai.
“The economic rise of the Philippines has been overshadowed by its larger neighbors’ developments, but the strides made in recent years have placed it on an exciting path,” Julius Baer said in the report.
Some luxury items remain cheap in Manila
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