As it turns out, Apple has improved on the older 2-step verification security it introduced in 2013 with 2-factor authentication in 2015. I thought they were the same until I read this handy guide: http://9to5mac.com/2016/03/22/how-to-enable-two-factor-authentication-on-ios-9-and-os-x-el-capitan/ With 2-FA enabled, one of the recovery steps is to setup a valid payment method for credit card information so that Apple can assist you if you lose access to your trusted devices. The question I want to ask you guys is: if you're using a US iTunes/iCloud account, when editing the credit card information, the country is locked to US for the billing address. Are you guys able to use your PH-issued credit card while still using a US iCloud account? I made sure that all my devices are using 2-FA now, so losing access to all of them would be very slim. But still, I could not fill-out a valid payment method because the billing address is locked to the US.
Searching articles and forum posts regarding changing country settings paints an ugly picture: you will lose access to apps and media from the previous country. Though some apps might be redownloaded, not all apps may be available in the new country. You also lose app update notifications. So, it's probably safer to just retain the current country you've bought the most apps and media from.
