The Philippines is off the list of Forbes’ Best Places to Retire Abroad in 2024. According to the American business publication, the country was removed after taking into account factors such as natural hazards and climate change risk.
Why the Philippines Is No Longer on Forbes' List of Best Places to Retire in 2024
The list, which Forbes published in late July, evaluates costs, amenities, health care, climate risk, language, crime, and whether the places welcome American retirees. A total of 96 places in 24 different countries were included in the list that the magazine is publishing for the first time since the pandemic.
“[This] is our first list that takes into account climate change and natural hazard risk abroad,” the magazine said in the write-up. “That’s a major reason why The Philippines, on every Forbes foreign retirement list since 2011, is missing. The Pacific Ocean island is No. 1—meaning the worst—among 193 countries on the latest World Risk Report compiled under the auspices of the United Nations.”
The Philippines topped the list of the World’s Riskiest Countries for the 13th straight year with a score of 46.86. Other countries considered “risky” include Indonesia (WRI score of 43.50) and India (41.52). By comparison, the United States placed 20th in 2023.
Published by the Bündnis Entwicklung Hilft and the Institute for International Law of Peace and Armed Conflict (IFHV) at Ruhr University Bochum, the World Risk Report (WRR) 2023 assesses a country’s risk for disasters, the impact on marginalized groups, and government support for these individuals.
According to the Forbes report, over 700,000 American social security pensioners currently live outside the United States. This is an increase of 20 percent increase over the last 10 years. Although most of them retire in their home country, as much as 85 percent of Americans 65 and older have traveled abroad. The US dollar is also at its strongest level since the 1980s, “making both foreign travel and a foreign retirement more affordable,” Forbes said.
However, a separate report placed the Philippines in its list of “The Best Places to Retire Overseas where English is Spoken.” The list published by the US News and World Report last June 21, citing the website Live and Invest Overseas, placed the listed the Philippines just after Belize, Ireland, Malaysia, Malta, New Zealand, and Panama, and ahead of Portugal and Puerto Rico.
“While locals may have an accent, many speak it well,” the website’s founder and CEO Kathleen Peddicord said about the Philippines. “The Southeast Asian country is made up of thousands of islands with postcard-worthy beaches and warm weather year-round.” The CEO said the country also has a very low cost of living and is also welcoming to foreign retirees.
“We are thrilled that experts, gathered by the renowned American media organization, recognized the Filipinos’ ability to communicate well in English, making the Philippines a suitable retirement destination for seniors who may be intimidated by the prospect of learning another language,” Philippine Retirement Authority (PRA) general manager Roberto Zozobrado said in a news statement.
According to figures from the PRA, of the 78,000 foreign retirees in the Philippines, Americans made up only about 5,254, with the vast majority, or about 30,000 composed of mainland Chinese citizens.
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