Life insurance and investment company Manulife Philippines has revealed a challenging picture that is now affecting the nation’s health space as, based on its latest survey, healthcare financing remains a struggle for most Filipinos.

In a study by Manulife titled “In Wellness and In Health: Navigating the Landscape of Health, Well-being, and Financial Preparedness in the Philippines,” which surveyed 1,000 individuals, it found that a significant portion of medical expenses, about 41 percent, still come out-of-pocket predominantly sourced from personal savings.

“This reliance on personal funds highlights a gap between the perceived adequacy of health coverage and the financial reality faced during actual medical emergencies. This gap places a considerable burden on individuals and families, making it clear that many Filipinos may not be as financially prepared for health-related expenses as they might think,” said Rahul Hora, Manulife Philippines president and CEO.

The survey also revealed a stark difference in the amount of savings for medical expenses across different age groups.

On average, surveyed Filipinos have set aside P62,000 for future medical needs such as emergency services, hospitalization and preventive healthcare.

However, the survey said younger Filipinos aged 18 to 29 have saved significantly less, an average of P38,000.

“This disparity suggests that younger individuals might be less prepared to handle unexpected medical costs,” Hora said.

Moreover, the survey showed that respondents believe they will need to save approximately P571,000 to cover potential medical expenses over the next 10 years, highlighting a substantial gap between current savings and future financial needs.

“These key findings further prove that, when we talk about healthcare and well-being, we must understand where knowledge and behavioral gaps are coming from,” Hora said.

“In this light, we encourage Filipinos to take more concrete steps toward embracing healthier lifestyles — from improving their dietary habits to nurturing their overall well-being. As for their financial priorities, they can count on us at Manulife to be their trusted partner through our broad range of health and life protection plans that secure their future and help them live better every day,” Hora said.

Cost as top barrier

Meanwhile, respondents said healthcare costs remain the biggest barrier to Filipinos’ ability to adopt a healthier lifestyle.

About 86 percent of the surveyed respondents believe their health is determined by their lifestyle choices; they also cited barriers that prevent them from having healthy lifestyles.

“The health trends our survey identified among young Filipinos are concerning. Despite being well-informed, many young Filipinos are facing a rise in illnesses and lifestyle-related issues. This gap between awareness and action implies that mere knowledge isn’t sufficient. We must find solutions to these real-world barriers that are preventing young people from practicing healthier lifestyles,” Hora explained during his presentation.

“Amid the demands of modern life, young Filipinos need all the support they can get to better translate health and wellness information into everyday habits, including taking the necessary steps toward achieving financial security,” Hora said.