The development follows the Philippines’ ranking as the world’s top retirement destination in the Retirement Abroad Index 2026, published by international health insurer Expatriate Group earlier this month. The country was also recognized as Asia’s Best Retirement Destination in 2025 by travel platform TripZilla.

A key factor behind the ranking was the Philippines’ Special Resident Retiree’s Visa (SRRV), which was identified as one of the most accessible retirement residency programs among countries evaluated in the index.

“We target approximately 4,000 new retirees every year, and our year-to-date figures show we are 54% ahead of the same period last year,” Philippine Retirement Authority (PRA) General Manager Roberto Zozobrado said.

According to the PRA, the combination of affordable living costs, English proficiency, established expatriate communities and the country’s natural attractions continues to draw retirees from around the world.

The Retirement Abroad Index assessed 20 countries across several categories, including cost of living, healthcare accessibility, visa requirements, integration opportunities and expatriate support networks. The Philippines ranked highest overall, with particular strengths in affordability and visa accessibility.

Thailand ranked second in the index, followed by Colombia, Portugal, South Africa and Sri Lanka.

The report estimated that a retired foreign couple can maintain a comfortable lifestyle in the Philippines on approximately £750 to £1,000 ($988 to $1,318) per month, with living expenses generally lower outside major urban centers such as Manila.

Industry observers note that the country’s extensive use of English, one of its official languages alongside Filipino, provides a significant advantage for retirees seeking easier integration into local communities and daily life.

Official figures show that approximately 62,000 foreign retirees currently reside in the Philippines under the SRRV program, which is available to foreign nationals aged 40 and above.

Chinese nationals represent the largest group of foreign retirees in the country, followed by citizens of South Korea, India and the United States. Many retirees have settled in Metro Manila, Central Luzon and Central Visayas, including the popular coastal destination of Cebu.

Tourism and retirement authorities are increasingly targeting prospective retirees from Europe, Australia and Canada as part of efforts to diversify the country’s retirement market and strengthen its position within the global retirement industry.

Officials say the country’s reputation for hospitality remains one of its strongest advantages in attracting long-term foreign residents.

The Philippine Retirement Authority, which was established to promote the country as a retirement destination, said it remains focused on expanding the program and maintaining the Philippines’ competitiveness as international demand for overseas retirement options continues to grow.