Absolutely, it's plausible to retire in the Philippines. The country offers a specialized visa scheme to retired people named the Special Resident Retiree's Visa (SRRV), providing a long-term stay to foreign retirees. The SRRV is applicable to individuals aged 35 or more and who can demonstrate proof of a retirement or pension income of no less than $800 per month.
In addition to the age and income requirements, applicants are required to undergo a medical examination and submit a fee to initiate the SRRV application. The costs vary from $1,400 to $50,000 depending on the visa type and the applicant's age.
Once accepted, SRRV holders are granted a permanent residency permit, enabling them to stay in the Philippines without any time limitations. Furthermore, they are qualified for tax exemptions on their pension and retirement income.
It's crucial to note that the cost of living in the Philippines is relatively low compared to other countries, making it an appealing destination to retire. However, before making the decision to retire in the Philippines, it's essential to study and take into account elements such as healthcare, safety, and cultural differences.