Who wants to live in a tropical paradise where it's sunny most of the time, smiles are free and beer is cheaper than water? Plenty, apparently - judging by the number of expatriates who eye the Philippines as their retirement dream.
Indeed, what's not to like? Apart from a warm climate, friendly locals and beautiful beaches, the Philippines is renowned for its low cost of living. Fine rental homes in quality neighbourhoods can be leased or bought cheaply, compared with their equivalent in other parts of Asia. Live-in helpers are the norm, at a fraction of the cost in Hong Kong.
Stories abound of expats 'feeling like a king' and 'living like a millionaire' on US$1,000 a month. The Philippine Retirement Authority openly invites foreigners to choose the country as their second home, assuring retirees they can expect 'the good life at an affordable cost'.
But let's not get carried away. The Philippines is also a region tagged with corruption and political uncertainty.
The 2010 Index of Economic Freedom, published by The Wall Street Journal and the Heritage Foundation, acknowledges the government's efforts to improve the entrepreneurial environment and develop a stronger private sector, but still finds the Philippines to be weak in business and investment freedom, property rights and freedom from corruption.
With elections due in May, many are watching with interest.