We are planning on retiring there with our meager retirement savings (approx. $,1200 a mo.) We're not planning on buying a property, just rent maybe a small 2-bdrm condo or apt. near transportation lines. Close to malls, hospitals, etc. Is it possible to live there on this monthly amount?
Not enough if you are living in Makati central or Ortigas Business District. In Makati, 50k would just be enough to tide you through the next month. With that amount, you can live in a studio or 1 bedroom type condo with association dues an average of P2-3.5k for that type of unit, in a working/middle class condo in Makati. Plus electricity, internet, water, and grocery bills. If you have a car, that's an added expense, parking slot would cost P3k in a condo. You have no room for extra luxuries like shopping or dining out.
YES you can live comfortably with 50,000 PHP if you consider other areas with malls and hospitals like Quezon City, Sampaloc Manila, Paranaque.
You will fare better with that amount if you try the provincial cities like Cebu and Davao City.