Philippines: Soon the Best Place to Retire in Asia?

Last updated August 14th, 2023.

With old age (hopefully!) brings peaceful years of traveling the world. But the best places to retire probably aren’t in your home country.

Selecting which country to retire abroad isn’t always easy. Thankfully, expats have tons of information available online to make an informed choice so they won’t regret their decision later.

According to International Living’s annual Global Retirement Index, the top criteria retirees base decisions on include ease of buying/renting property, cost of living, infrastructure, and healthcare.

Competing for the best place to retire in Asia are three Southeast Asian countries. Namely Malaysia, Thailand, and the Philippines.

Thailand and Malaysia, among other places, have been on the list for many years. The Philippines just recently became a contender though.

East Asian retirees are especially attracted by a warm climate and welcoming environment. Thus Japanese and Koreans, alongside Western retirees, are a major target market for the Philippines.

Manila Aims to Double Number of Retirees by 2025

Recognizing that other places are ahead, authorities are taking steps to ensure the Philippines catches up to them.

Following the footsteps of Thailand and Malaysia, the Philippines is targeting wealthy Asian and Western retirees. They offer ample sunshine, a low cost of living, along with minimum age of just 35 to apply for a retirement visa.

You only need to deposit and maintain about $30,000 in the bank to qualify for a permanent retirement visa in the Philippines.

The majority of retirees in the Philippines come from East Asian countries such as China, Japan, Korea, and Taiwan. Most of them aim to find a better location to live on their pensions.

While the population of retirees in the Philippines is small today, it’s growing rapidly with numbers expected to double in under five years.

Barely over 50,000 foreigners are enrolled in the national retirement plan right now – less than a tenth of a percent of the total population.

Numbers are rising quickly though. The Philippine Retirement Authority (PRA) wants to expand its workforce and double the number of foreign retirees by 2025.