'Imagine the amount of cheese that would be needed if they had to go to Immigration every 60 days instead !'
Many travel agencies in the Philippines will do the visa renewal for you, for a fee, just as in Thailand.
Remember also that to get this 60 day extension (for upto 3 years) you can start off on a Visa Exemption entry. You do not have to have 800,000 in the bank, an income stream or any other conditions, unlike Thailand. You just pay the fee.
If you want a Retirement Visa, that is available as well, with monetary conditions, but you NEVER report to immigration when you have it, (Google SRRV)