Andy, do you speak Spanish? Have you done any research about the lifestyle and culture here? It's great to get out and see the world but you want to have a plan. Even the best laid out plans can change but as long as you have one, when those changes happen, you can adjust.
Life comes at you fast here sometimes. You might have posted previously somewhere else that you speak spanish but I didn't see it so that was the first question I had. It pays to know someone. When the stuff hits the fan you want to have someone you can trust and count on.
What is your plan B? If things don't work out can you return home? I would say if this is what you want to do, you are young enough to bounce back on your feet even if things go horribly wrong. The job scene here ....well I simply don't see it. The pay is peanuts. Many people from other countries live here but they don't live in areas where the rent is 1,500 pesos. Those are areas where when you leave your house, it's a good possibility that you come back to nothing.
Really think this through in terms of cost to get around (I am assuming you will be on foot), phone, if you want internet, food for the month, medicine, light bill, water bill, gas to cook each month, entertainment money (you're not staying in the whole time - you want to get out and explore/learn/take in the culture and the things the island has to offer). Plus, you can find cheap apartments but they will be unfirnished so there is the expense of buying furniture. However, if you are just trying this out, it may be best for you rent furnished...but that's going to drive your costs up for an apartment. These are just some things to keep in mind.
Good luck in whatever you do though. Follow your heart but listen to your guts. The guts NEVER lie!