Article by: Chino Leyco
The Philippines is one of the five best destinations for expats to feel “at home” instantly or within six months, the offshore banking arm of HSBC Group’s latest survey revealed. According to HSBC Expat, formerly HSBC International, the Philippines along with Bahrain, Malaysia, Mexico and Russia are the countries where expats settle in the fastest. HSBC said 40 percent of expats in the Philippines claim the country felt like home instantly or within six months. Based on the survey, 57 percent of those living in the Philippines also say they have found their work to be more fulfilling since relocating.
“This is primarily because expats find it easy to fit in with their local colleagues, having approximately two-thirds of expats in the Philippines (65 percent) and Indonesia (67 percent) saying they are integrating well with the local community,” the bank said.
According to the findings, many who join their partners overseas want to progress their own careers at the same time and take on new challenges in the Philippines. In particular, 63 percent expat partners moving to the Philippines agreed they enjoy a closer relationship since moving.
Filipinos are known for their hospitality, which is why the Philippines ranking 9th in the Family league table can be attributed to this, HSBC said.
The family league table reviews expats’ relationships, education, childcare, and impact of raising and integrating children abroad.
“Expats migrate to other countries not only with the hope of being able to pursue a successful career in their chosen country, but also to adapt well to the environment and culture of a new country,” Wick Veloso, HSBC Philippines president and chief executive said.He also pointed out that it is interesting yet not surprising to know that Philippines is in the top 10 countries where expats feel at home in less than six months.
“Indeed, expats living in the Philippines have found work to be more fulfilling because it is easy to fit in and feel welcome by locals whose warmth and hospitality come naturally,” Veloso said.
Likewise, Veloso said that another integral part of living overseas is having access to financial services, adding the availability of loans and deposits are crucial, as this asserts them security while living abroad. “Due to the unique demands that are required of expats, it is essential that they are able to reach out to financial advisers, who are more familiar with local procedures, and are able to understand their unique needs,” Veloso said.
The survey’s findings are being released as HSBC’s 2016 Expat Explorer survey opens to respondent. Almost 22,000 expats took part in the 2015 Expat Explorer survey, ranking Singapore the top country for expats overall.