An expat told HSBC: “Your own transport is a must. Let it be your first priority. Always keep some cash on hand.”
Retired expats may prefer to live on 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 healthcare in the Philippines before moving.
A spokesperson for Penfold said: “The Philippines has the lowest costs among the countries mentioned, but the worst quality of healthcare facilities.”