The cheapest country in the world to retire is ‘beautiful’

An expat told HSBC: “Transport of your own is a must. Let it be your first priority. Always keep some cash at home.”

Retired expats may prefer to live by the beach where they can enjoy good weather and a more relaxed pace of life.

However, despite the lower cost of living, expats will need to consider the quality of the Philippines’ healthcare before they move.

A Penfold spokesperson said: “The Philippines has the lowest costs within the countries listed, yet the worst quality of healthcare facilities.”