Average wages in the Phillipines are around $360/month USD, so $2/hr isn't too bad for an easy job. BBC is playing rage-bait arbitrage with that headline.
People live with families in multi-generational homes until they're married, sometimes after. Retirement plans are your kids looking after you.
Prices also aren't lowered across the board - it's mostly housing and anything where labor is a major part of the cost. Cars are similar prices. Groceries, utilities and tech also.