"For U.S. retirees, the principal appeal of the Philippines is a low cost of living in a tropical environment full of English speakers and outdoor beauty," Forbes said, in a feature titled "20 Best Foreign Retirement Havens For 2015".
Forbes further noted that foreign income is untaxed in the Philippines. Plus Americans can get permanent residency "on a minimal showing of retirement income."
Among the popular locations for American retirees are Tagaytay and Subic.
"Popular locations include Tagaytay, a suburb of Manila, the capital, that is elevated and therefore cooler, and Subic Bay, with an infrastructure from the old U.S. Navy base," Forbes added.
Another advantage is the number on non-stop flights between Manila and the U.S., although the average flight length is 15 hours which may be too far for most Americans.
Although there may be concerns about political stability and security in some of the countries on the list, Forbes noted that these are usually in isolated areas.
"A few countries still have areas with unrest or crime, but they’re easy to stay away from. Examples include cities in Mexico on the border with the U.S. and a far-flung province in the Philippines fighting Moslem rebels," it said.
Aside from the Philippines, two other Asian countries made it to the list, including Thailand and Malaysia.
The Forbes list of retirement havens also includes Canada, Australia, Chile, Ireland, France, Colombia and Costa Rica.