The Department of Social Welfare and Development (DSWD) has urged Southeast Asian countries to prepare for a fast-growing elderly population by strengthening investments in an inclusive silver economy, warning that demographic changes will significantly reshape labor markets, social systems and economic growth across the region in the coming decades.
Speaking at the ASEAN High-Level Forum on Unlocking the Silver Economy on Wednesday, 3 June, at the Philippine International Convention Center (PICC), Pasay City, DSWD Secretary Rex Gatchalian said longer life expectancy should be viewed as an opportunity rather than a burden, provided governments and businesses create systems that allow older people to remain active and productive members of society.
The appeal comes as ASEAN faces a major demographic transition. By 2030, nearly 15 percent of the region's population is expected to be aged 60 and above, with the number of senior citizens projected to reach 127 million by 2035.
Gatchalian said the silver economy extends beyond products and services for senior citizens, describing it as a broader effort to redesign economies and communities around longer lifespans.
“The silver economy is sometimes thought a niche market for aging populations. In reality, it is far bigger than that. It is about redesigning society itself to ensure that longevity becomes an economic and social advantage not a source of exclusion. It is about whether ASEAN can become a region where longer life expectancy is matched by longer opportunity, longer dignity, and longer participation,” he said.
While increased longevity reflects improvements in healthcare and living standards, Gatchalian noted that many older persons continue to face financial insecurity, digital exclusion and limited access to retirement support.
He said ASEAN remains in a position to act before aging-related challenges become more severe, citing the region's strong family ties and community-based support systems as advantages that can be strengthened through modern policies and technology.
As chair of the ASEAN Socio-Cultural Community this year, the Philippines is pushing active aging and silver economy development as key priorities for regional cooperation.
Gatchalian stressed that governments alone cannot build a sustainable framework for aging populations and called for stronger collaboration among businesses, academic institutions, civil society groups and development partners.
“The demographic future of our region demands cooperation across borders and across sectors. Governments alone cannot build the silver economy. The private sector will drive innovation. Academia will generate evidence. Civil society will safeguard inclusion and human dignity. Development partners will help strengthen capacity and financing. Older persons themselves must remain at the center, not merely as beneficiaries, but as co-creators of policy,” he said.
Officials said promoting investments in the silver economy is expected to support active aging, expand economic participation among senior citizens and help ASEAN countries manage the long-term effects of demographic change.
