Perhaps most attractive is the low cost of living; one U.S. dollar is worth roughly 49 Philippine pesos. By comparison, an American living a $3,500-a-month lifestyle in Chicago could live just as comfortably for between $700 and $1,200 a month in the Philippines. Of course, a lot depends on how you plan your retirement, too.
Life in the Philippines isn't all warm sunrises and fun by the beach. There are many crowded cities, and poverty is a major issue among the local population. Even modern neighborhoods experience power outages, and there is the occasional tropical storm. The urban settings in the Philippines don't have the infrastructure of European or American cities, and some parts of the country are considered unsafe for Americans. The US Department of State has issued a travel advisory for some parts of the Philippines. On top of that, Philippines President Rodrigo Duterte's war on drugs has left the country reeling under a spate of extra-judicial killings.
All that having been noted, even the nicest areas in the Philippines are cheaper than life in the United States. According to International Living's 2016 Annual Global Retirement Index – which measures, among other things, climate, healthcare, benefits and infrastructure – the Philippines ranks 10th (in a three-way tie with Portugal and the Dominican Republic) in cost of living for retirement destinations in the world. Cambodia was ranked the least expensive, followed by Nicaragua and Peru.
reference: Sean Ross, Investopedia, 31 July 2017.
Read more at: https://www.investopedia.com/articles/personal-finance/093015/what-does-it-cost-retire-philippines.asp