I currently work in the Philippines but live in Thailand. 2 months there then 2 months here. Worked in Asia in general for 30 years, Thailand for 13 years.
When I am in the Philippines I live in a purpose built factory managers house. This is in a Freeport zone. The house is OK but build quality is not particularly good. Same issues as Thailand, damp rising in the walls, things breaking or never finished. Food is cooked by two women hired for the job. I constantly have stomach problems. The food is not good. Diabetes is rampant. You will see many dialysis signs as you travel around.
There are guards on everything. Fact - these private guards if you total all of them together actually outnumber the total number of soldiers in the Philippine army. You do get used to them eventually but you have to ask yourself what are we dealing with here that needs this level of survelance. All the workers in my factory are inspected in and out daily - no exceptions.
Is it more dangerous - I don't know. Both Thailand and the Philippines can get you into trouble if you go looking for it. I find the Filipinos to be more engaging and friendly. I go hiking on my days off. I go alone into remote jungle. No matter where you go you will find a squat with dirt poor people living in it - even huge distances inside the jungle. They are normally friendly but I think that will also depend on how you greet them. I have never had a problem.
Manilla has only one district that looks affluent - the financial district. All the rest of Manilla is of a lower quality compared say to Bangkok.
The Philippines is made up of several thousand islands. The law of averages says there has to be many places of beauty to stay. Some of those places will be tourist traps. I have always thought that if enough time was given to looking then I'm sure a good location could be found.
My feeling is you need to accept that you will have to cook for yourself if for no other reason than your health. To put it simply, Philippine food is bad. Some people may accept it but you will pay a price in the long run.
Price wise it is probably similar to both countries - some things are cheaper, some more expensive. Put together it could be a wash. It would also depend on where you were wanting to live in each country. A remote village in either is going to be cheapest. A tourist bar area in either is going to bring it's own prices and rip off's.
If you have been in Asia for any length of time then you will have dealt with corruption. No different in the Philippines.
If your looking for the pot smoking life then don't go to the Philippines - penalties are severe.
At the end of the day it depends on what you will accept. The Philippines will be a step down from Thailand. How much of a steep will depend on how much research you are prepared to do.
I would tend to agree with those looking for a female partner that the Filipinos are more engaging. But remember, they are doing this in the hope you will support their family. If you haven't been there then you will be surprised at the level of poverty that exists. It's quite bad and they are all looking for a way to get out of it.
If you are religious then you will have plenty of places to go on Sunday, if not then find a hobby !
Some countries have pension parity with the Philippines which Thailand doesn't so this can be a bonus.
As has already been said above - do your own research. You must visit for at least 6 months to get a true feeling for the Philippines.