A recent survey conducted by Manulife Philippines revealed that 41% of Filipinos still rely on out-of-pocket expenses for medical needs, underscoring the significant portion of the population without adequate health insurance coverage. The study, titled “In Wellness and in Health,” surveyed 1,000 respondents to understand their health-related spending patterns.
Manulife Philippines President and CEO Rahul Hora highlighted the positive trend, noting that this figure has decreased over the years from a peak of 52%, although it has remained within the 41-50% range. He pointed out that many individuals have minimal or no insurance coverage, leading them to rely on their savings for medical costs—82% of respondents cited this as their main source of funding, while 26% use health maintenance organizations (HMOs) and 22% depend on loans from friends or family.
On average, Filipinos set aside P62,000 for future medical needs, with younger adults (ages 18-29) saving around P38,000. Notably, this demographic also reported the highest frequency of illness, averaging 3.4 times in the past year, compared to 1.9 times for those aged 50-55.
Hora emphasized that the younger age group has become a focal point for Manulife’s strategies, which include designing products and communication tailored to their needs.
