It is an interesting place to live, to be sure. And it can be a good place to retire, depending on the individual's circumstances and personality. It is fine for natives who work overseas and return to live after they retire, of course. But for ex-pats, you can not own land here. You can own a condo under certain conditions.
Medical services are not near the same level as in a developed country, regardless of the number of nurses being sent overseas from here. Richer Filipinos go overseas for their serious health care needs. So do most ex-pats if they can afford it. Now, for simple day to day health needs, it is cheaper and fine. You can buy many/most medications without a problem and only a few need prescriptions, unlike the many countries. (Yes, it is a conservative place so Viagra is one of them that requires a prescription.)
Part of the reason the Philippines provides such a large amount of workers is the lack of opportunity in their home country. There are few large foreign employers and the ones that exist often leave. Most of the foreign investment is heading to other Asian countries, leaving the Filipinos with few choices for a growing population except finding work abroad.