Can 2 retired people live comfortably on PHP 50,000 a month in Metro Manila? ?

My wife & I 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?