Quite a few things to think about!
For one thing, the cost of living here is extremely affordable, if you are earning US dollars. For example, the monthly salary at a white-collar job is around $320-$400US, with housing between $100-$150US per month. You can eat (well) for less than $5 a day.
We've been visiting Bohol, a wonderful island with plenty of land available as well as many ecotourism opportunities (live starfish, white sand beaches, rides down the Loboc river, waterfalls, basketmaking and other handicrafts, and great dining); we've also spent some time in Baguio and Metro Manila.The main developments here have been real estate (with beautiful, custom-built condos ranging from $28k-$100k), call centers (Dell just opened up a huge call center this month), and of course, the trend of exporting labor (Overseas Filipino Workers) in nursing, cruise lines, caregiving, and housekeeping. OFW's remit almost $16 billion back to the Philippines every year.
The Philippines is competing with India to become a call center hub, promoting the large English-speaking workforce here, the reduced cost of labor, and the infrastructure stability. Of course, there are many more Indians (around 1 billion) than Filipinos (around 80 million), so it remains to be seen what will happen in that arena.
There is a large and growing number of expatriates who are choosing to settle here. For example, in Bohol, there is an association of foreigners that now numbers 2000+: many of these are from Germany, Australia, and the US. In Cebu, the city has been actively promoting to retirees from the US: if you want to buy a nice house and lot, with a maid, driver, and all the amenities you could ever desire (and beach access!), you can do so for around $1000US per month. 
Of course, you also have to put up with the disadvantages of living in a developing country, but for some of you, that might be a small cost to the benefit of living like royalty.Many Filipino Americans, or Filipino Canadians, or others who have settled in Europe, choose to return "home" when they retire. It's a good life and if you have family and friends here, you truly can live well.
Resources:Lonely Planet
www.lonelyplanet.com
Living in the Philippines
www.livinginthephilippines.com
Craigslist Manila:
www.craigslist.org/mnl/
Doing Business in the Philippines:
www.buyusa.gov/philippines/en/doing_business_philippines.html
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