For over a decade, the Philippines has been a consistent favorite on Forbesโ list of Best Places to Retire Abroad, thanks to its stunning landscapes, low cost of living, and English-speaking population.
But in 2024, the country was notably absent, with climate change and natural hazard risks being major factors for its exclusion.
Why the Philippines Didnโt Make the Cut
Forbesโ revamped retirement list now includes a critical new factor: climate change and disaster risk. The Philippines, sadly, ranked first in the 2023 World Risk Report (WRR) as the most disaster-prone country among 193 nations.
โ[This] is our first list that takes into account climate change and natural hazard risk abroad,โ Forbes explained. โThatโs a major reason why The Philippines, on every Forbes foreign retirement list since 2011, is missing.โ
With an alarming World Risk Index (WRI) score of 46.86, the Philippines faces challenges from typhoons, earthquakes, and rising sea levels. Countries like Indonesia (43.50) and India (41.52) were also deemed high-risk, but by comparison, the United States ranked a relatively safer 20th in 2023.
The Bright Side: Still a Haven for English-Speaking Retirees
Despite being excluded from Forbesโ latest list, the Philippines continues to shine in other rankings. In a US News and World Report list of the best retirement destinations where English is widely spoken, the country earned a respectable spot, ranking just after Belize, Ireland, and Malaysia but ahead of Portugal and Puerto Rico.
โThe Southeast Asian country is made up of thousands of islands with postcard-worthy beaches and warm weather year-round,โ said Kathleen Peddicord, founder and CEO of Live and Invest Overseas. She highlighted the Philippinesโ affordability and its welcoming nature toward retirees.
What Makes the Philippines Appealing?
The Philippine Retirement Authority (PRA) continues to promote the country as an ideal destination for foreign retirees. Its general manager, Roberto Zozobrado, emphasized the advantage of the English proficiency of Filipinos, which removes a significant barrier for seniors who might otherwise struggle in non-English-speaking countries.
โWe are thrilled that experts, gathered by the renowned American media organization, recognized the Filipinosโ ability to communicate well in English,โ Zozobrado said, underscoring how this factor makes the Philippines an attractive choice.
Additionally, the Philippines boasts a low cost of living, which allows retirees to enjoy a comfortable lifestyle without stretching their finances.
A Changing Retirement Landscape
Forbes estimates that more than 700,000 American retirees now live abroad, a number that has grown by 20 percent in the past decade. While many retirees prefer to stay in their home countries, 85 percent of Americans aged 65 and older have traveled overseas, often seeking better weather, lower costs, and new experiences.
The strength of the U.S. dollar, at its highest level since the 1980s, is making foreign travel and retirement more affordable, giving retirees more freedom to explore countries like the Philippines.
A Closer Look at the Numbers
According to PRA data, the Philippines is home to 78,000 foreign retirees, but Americans account for only 5,254 of them.
The majorityโapproximately 30,000โare mainland Chinese retirees, reflecting a broader trend of retirees from Asia relocating within the region.
Whatโs Next for the Philippines?
While the countryโs vulnerability to climate change remains a concern, its allure as a retirement destination is undeniable. Its tropical paradise setting, friendly locals, and affordable lifestyle make it a compelling option for retirees who value community and accessibility over potential risks.
The Philippines may have lost its spot on Forbesโ prestigious list, but it remains a hidden gem for those seeking a warm, welcoming, and affordable retirement haven. Whether youโre drawn to its breathtaking beaches or its vibrant culture, the Philippines continues to prove why itโs a destination worth consideringโeven if it comes with a few challenges.
For retirees willing to weigh the pros and cons, the Philippines still holds its charm as a land of possibilities and paradise.
