Manila: Dumaguete City in Central Philippines has been named by Forbes Magazine as among the best places to retire in the world.

The city, located in Negros Oriental province, is number five on the list of the prestigious US-based publication.

In a short write up, Forbes described Dumaguete City as ideal for retirees who want more for their money. “Here you’ll find one of the best places for beachfront living on a budget. Dumaguete is among the cheapest places in the world to live,” it said, citing a listing by the Retire Overseas Index.

“The climate is hot and humid. Dumaguete is protected against most of [the] typhoons in the Philippines,” it said.

Aside from Dumaguete, others in the Forbes roster are the Algarve in Portugal, Cuenca in Ecuador, Georgetown in Malaysia, Chiang Mai in Thailand, Pau in France, and Medellin in Colombia.

Likewise, Forbes Magazine also reported that the Philippines placed 16th place of the “Top 20 countries” for retirees.

The palace in Manila said that it was elated by the positive development, which is expected to bring in more visitors and retirees to the country.

“This positive appraisal by a reputable publication should further serve as an incentive for us to improve the investment climate in the country,” Secretary Herminio Coloma of the Presidential Communications office said.

Coloma said Forbes’ ranking is based on factors such as cost of living, taxes, medical care, climate, security and crime situation, cultural attractions and hospitality.

Among the popular locations in the country, according to the list, are Tagaytay, a highland destination that is located several kilometres south of Manila and Subic Bay, a former US Navy base.

According to the palace official, the Forbes Magazine recognition is being manifested in the uptick in tourist arrivals in the Philippines as noted by the Department of Tourism.

Coloma, quoting figures from the tourism department, said there were 4.83 million tourists who visited the country in 2014 — an increase of 3.25 per cent when compared to 2013 tourist arrivals figure.