EIGHT in 10 Filipinos are worried about the expense of long-term care as longer life expectancy and rising health care costs reshape retirement planning, according to the Manulife Asia Care Survey 2026.
The study found that 82 percent of Filipino respondents are concerned about paying for future care, well above the 66-percent regional average across Asia.
Filipinos estimate they would need P34,485 a month to cover future care needs, reflecting growing anxiety over the affordability of health care and retirement.
“Filipinos face more complex health, care and financial needs as they age,” insurance and finance firm Manulife President and CEO Rahul Hora told reporters on Tuesday. “The findings show us where the gaps are, and where support is most needed.”
The survey covered more than 9,000 respondents across Asia, including 1,000 in the Philippines, examining attitudes toward longevity, health, caregiving, retirement preparedness and financial well-being.
Despite these concerns, Filipinos are embracing financial independence as a life goal, with 88 percent saying independence and financial freedom are the inheritance they hope to leave their families — and rising to 95 percent among those aged 25 to 34.
Respondents linked independence to avoiding becoming a burden to loved ones, making their own decisions, and having access to quality health care. Among this group, 56 percent cited maintaining health and quality of life as a top priority, while 53 percent expressed concern about unexpected expenses later in life.
“What we are seeing is that people view legacy not only as what they leave behind but also as the choices they make to stay healthy, independent and able to enjoy life for longer,” Hora said.
The study also pointed to mounting financial pressure on the so-called “sandwich generation," or adults aged 30 to 60 who are caught between the competing financial, physical, and emotional needs of two different age groups — their aging parents and their own children.
Some 67 percent of respondents care for a family member, spending an average of 32 hours a week — well above the regional average of 23 hours — while 68 percent provide financial support to relatives, committing nearly half their monthly income to these obligations.
Among those caring for both parents and children, 74 percent said caregiving and financial responsibilities limit their ability to build financial independence, and 71 percent said they had delayed their own medical care because of these commitments.
More than three-fourths reported difficulty making long-term plans, citing financial strain, sleep problems and declining physical health.
Many Filipinos are nonetheless planning to shoulder future care costs themselves: 87 percent expect to rely on personal savings and 59 percent on investments, while only 21 percent expect support from their children — reflecting a growing preference for self-sufficiency.
Hora also noted a shift in demand toward health products following the Middle East crisis, as consumers gravitate toward guaranteed-return offerings amid global uncertainty.
Inflation — driven by higher fuel prices — has also weighed on the financial industry by limiting the availability of money, Hora said.
Consumer price growth hit 7.2 percent in April following the Middle East crisis in March, before easing to 6.4 percent in June.
