This article looks at the 15 best places to retire in the Philippines. If you want to skip our detailed analysis on how US firms are elevating the retirement experience in the Philippines, go to 5 Best Places to Retire in the Philippines.
US Firms Elevating Retirement Experience in the Philippines
In 2022, the Philippines' economy grew at a pace of 7.6%, the fastest economic growth that the country has recorded since 1976. Owing to a strong growth forecast in the medium term, the Philippines GDP in US Dollar nominal terms is poised to exceed the USD $1 trillion mark by 2033. Key drivers of growth for the economy include rapid boost in private consumption spending, improved remittance inflows, an upturn in government infrastructure spending, and a boom in urban household incomes.
The country is also set to benefit from the recently implemented RCEP (Regional Comprehensive Economic Partnership) trade deal, aimed at lowering trade barriers, improving market access, streamlining custom-related procedures, and gaining tariff concessions from trading partners. The deal will also help build manufacturing supply chains within the RCEP region across different countries.
Owing to its reputation as one of the fastest developing countries in the world, the country promises enormous opportunities that can be tapped into. The next few years will witness the economy growing at a forecasted 4% or more annually despite the global slowdown. Being the second largest center for Business Process Outsourcing (BPO), it boasts a strong industrial sector and a richness of natural resources, and its booming economy is ultimately attracting individuals from all over the world.
One demographic that has been increasingly interested in the country's economic prosperity is retirees. Having no significant savings of their own and hoping to retire to a country that promises financial ease and improved quality of life, many retirees are now turning towards this country to help fulfill their retirement dreams. As of 2022, more than 35,000 Americans have moved to the country, constituting approximately 1.3% of the US population residing in the Philippines. Considering its one of the easiest countries to get citizenship as an American, it is increasingly being seen as a way out of financial trouble in the retirement years.
The US economy's interest and pledge to invest in the Philippines has been further reinstating retiree decisions regarding moving to the country. In an aggressive push to increase foreign investments, the government of the Philippines has enabled the ownership of 100% of ventures in certain critical industries, and a lot of countries from the US are interested.
In fact, the country has managed to secure $1.3 billion worth of investment pledges from the US, aiming to directly generate over 6,700 employment opportunities. For instance, Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN), a global leader in solar technology and innovation, has been eyeing an investment of $900 million in solar energy in the Philippines. Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) aims to bring its latest solar technology, Max7, to the Philippines.
“With this project, the most advanced solar cells in the world will be manufactured in the Philippines,” notes Trade Secretary Alfredo Pascual.
Investments in solar technology in the Philippines, such as those by Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN), can help potential retirees reduce energy costs and decrease reliance on the local power grid. Similarly, UnitedHealth Group Incorporated (NYSE:UNH) and Analog Devices, Inc. (NASDAQ:ADI) have also expressed their interest in investing in the country. UnitedHealth Group Incorporated (NYSE:UNH) is an American multinational healthcare and insurance company that aims to invest P800 million ($14.125 million) to set up health information management services operations in Davao, generating 1,500 jobs.
Meanwhile, Analog Devices, Inc. (NASDAQ:ADI) will set up a research and development center in the country, hiring an additional 1,000 engineers for semiconductors. The participation of UnitedHealth Group Incorporated (NYSE:UNH) in the Philippines will undoubtedly improve the healthcare landscape in the region, a major draw for retirees. Similarly, firms such as Analog Devices, Inc. (NASDAQ:ADI) that are improving job opportunities and maintaining economic stability in the country can help provide retirees with a secure financial environment, assuring them of stable living costs and favorable exchange rates for their pensions or savings.
Retiring to the Philippines
Philippines is one of the best countries to retire in Asia. Apart from the country's economic prosperity, it is also a popular retirement destination because it is one of the easiest countries to retire to. Expat retirees wishing to retire to the country can use the SRRV (Special Resident Retiree's Visa). Retirees who are granted this visa have access to various benefits, such as discount privileges, entitlement to PHILHEALTH, and multiple entry and exit, amongst others. The SRRV classic requires an applicant to be at least 50 years of age, which is why it is the best age to retire in the Philippines.
As many retirees choose to retire to this country because of its affordable cost of living and improved quality of life, it is important that we explore the best places to retire in the Philippines for foreigners. Doing so can help potential retirees make the best possible choices as to where they should retire, depending on their lifestyle needs and preferences.
For those who want their retirement incomes to stretch the farthest, some of the cheapest places to live in the Philippines include Davao, Iloilo, and Baguio City. House prices in Iloilo city are 8% lower than average, and the cities of Davao and Baguio are also relatively affordable than other major cities in the Philippines.
For those aspiring to establish permanent residency in the country, International Living recommends retiring in the Philippines with $200,000 in savings, at the least. Without further ado, let’s check out the best places to retire in the Philippines in 2023.
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Methodology
To compile the list of best places to retire in the Philippines for retirees, we have used a total of 11 (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11) sources. We also surveyed several expat forums to determine the best places expat retirees in the Philippines recommend.
A consensus approach was used to determine the list, with one point awarded to each place each time a source mentioned it. Points were summed up, and places were ranked in ascending order from the lowest to the highest scores.
Cost of living figures are mentioned for a single expat retiree living in the country in a one-bedroom apartment per month. Sources include Expat Exchange, Nomad List, Live and Invest Overseas, amongst others.
Here are the best places to retire in the Philippines:
15. Bohol Island
Insider Monkey Score: 2
Ranked as one of the best destinations in Southeast Asia, Bohol Island is the perfect amalgamation of natural beauty and human innovation. Home to the famous chocolate hills, the island boasts lush jungles, clear blue water, and pristine beaches that retirees relish. The climate is tropical, with warm temperatures (between 30°C and 34°C) throughout the year. Several healthcare facilities are available, too. Bohol Island is also affordable, and a single expat retiree can live comfortably under $1,000.
14. Puerto Princesa
Insider Monkey Score: 2
Puerto Princesa, a coastal city on Palawan Island, is one of the top retirement destinations in the Philippines. Not only is it one of the cleanest and greenest places in the country, but also one that is quite affordable. A single expat retiree can live around $1,150 to $1,400 monthly. The climate in the city is tropical, with warm temperatures between 29°C and 31°C throughout the year. The locals are also known to be friendly, so retirees will easily adjust here.
13. Lipa
Insider Monkey Score: 3
Lipa, one of the best retirement places in the Philippines, offers a great combination of rural and urban life. The best standout feature of this city is its idyllic climate. Owing to its higher elevation, the city enjoys a cooler climate best for retirees who don’t prefer the heat. Lipa also offers a striking backdrop to call home, characterized by rolling hills and lush greenery. Basic healthcare facilities are also accessible here, while specialized care requires a visit to nearby cities. The cost of living ranges between $700-$1,000 per month for a single expat retiree.
12. Iloilo City
Insider Monkey Score: 4
Located on Panay Island in the Philippines, Iloilo City has some of the most extensive bike lanes, extremely walkable public places, and exceptionally friendly locals. Retirees get to enjoy an active and healthy lifestyle here, enjoy a steady supply of fresh fruits, vegetables, and seafood, and relax in the surrounding beaches and islands. On average, a single retiree's monthly cost of living ranges from $800 to $1,200.
11. Subic Bay
Insider Monkey Score: 4
Another top retirement destination in the Philippines is Subic Bay, popular amongst expats for its modern infrastructure, recreational facilities, shopping centers, and well-maintained environment. The Subic Bay Freeport Zone, in particular, also offers strong security. A popular residential area within this region is Binictican, a well-established area with various housing options available. A single expat retiree can live here on $1,500-$2,000 monthly.
10. Palawan
Insider Monkey Score: 5
One of the best retirement destinations in the Philippines is the Palawan Island, admired for its island living, tropical climate, and natural beauty. While Puerto Princesa deserved a separate place on our list, the entire island is breathtakingly beautiful and provides retirees the best outdoor activities and cultural experiences. A single expat retiree can manage to live on $1,000 per month.
9. Boracay Island
Insider Monkey Score: 5
Boracay Island is a top retirement paradise in the Philippines, home to world-famous beaches, friendly locals, and a vibrant nightlife. Retirees can enjoy a wide range of sports activities, explore the diverse culinary cuisine, and socialize in bars, clubs, and even live music scenes. A single expat retiree can expect to live on $1,635 monthly, spending around $800 on rent.
8. Tagaytay City
Insider Monkey Score: 6
Located on the island of Luzon, Tagaytay is revered for its modern and laid-back lifestyle, cool weather, and scenic beauty. Retirees enjoy stunning views of the Taal volcano and Lake, and can enjoy easy access to Manila, the capital of the Philippines. There are many recreational activities, such as horseback riding and golf. The city is also quite affordable, and a single expat retiree can manage a comfortable lifestyle under $1,000.
7. Dumaguete
Insider Monkey Score: 6
Dumaguete, a city on Negros Island, is one of the best retirement places in the Philippines. Forbes magazine has even ranked it as one of the best places to retire around the world, owing to its beautiful natural environment, peaceful lifestyle, and friendly locals. Healthcare facilities and services are available here, as well as several retirement communities. A nice place to stay costs a rent of anywhere between $250-$300, while the overall cost of living is around $600.
6. Bacolod
Insider Monkey Score: 7
Another attractive retirement destination for expats in the Philippines is Bacolod. Bacolod is revered amongst retirees for its affordable cost of living, friendly locals, and scenic beauty. Beaches, mountains, and the beautiful countryside offer a striking backdrop for retirees to relax and call home. Healthcare facilities are basic here, and retirees can go to nearby cities for specialized care. An expat retiree would require an estimated $700 to retire here, with costs going up depending on lifestyle extras.
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Disclosure: none. 15 Best Places to Retire in Philippines is originally published on Insider Monkey.
