Quality vs. cost of living, lifestyle. For example, there are better and cheaper hotel rooms / apartments in Thailand than in the Philippines, as well as more selection.Why is it bad value?
Crime. I'd not worry much about theft renting a villa with a pool in Thailand, but I'd do so in the Philippines.
You can open a bank account in Thailand even on a tourist visa (though it's not as easy as before), but not in the Philippines.
Shopping and food, quality of transportation are better in Thailand. In my experience, the food in the Philippines is not of high quality and unhealthy.
Mentality. There are reasons why an English speaking country's main export is the population, instead of goods or value added products.
Generally, for me the Philippines feels more like a 3rd world country in term of quality of offerings, at a cost/value level higher than in other SEA countries.
And then there is the exit taxation for long term residents in the Philippines as well.
Of course, there many positive points as well.
Going off the trail, there are many beautiful places in the Philippines, and the English ability (though is overstated, lots of people speak no English) is a plus.
Not to forget: free hospitals (but not free medicine). But in the end, I'd choose Thailand, and even Cambodia or Laos over the Philippines anytime.