What is Manulife Asia Care Survey?
Started in 2020, Manulife’s Asia Care Survey is an annual research study that explores the evolving behavior, sentiments and priorities of people from eight markets in Asia (Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Vietnam) against the backdrop of volatile economic and sociopolitical realities that impact their financial goals, aspirations and overall well-being.
This year, the Asia Care Survey aims to understand the 10-year outlook of Filipinos on their physical, mental and financial well-being amid threats of inflation, rising prices and cost of living, and rising healthcare costs, and how they navigate these challenges so they can meet their financial and health goals. More than 1,000 respondents from the Philippines were surveyed to provide insights into where economic challenges were most felt. The survey results also inform our strategy so we can continue to help customers as their partner for progress through innovative and relevant insurance and investment solutions.
First, let us show you how Filipinos we have surveyed feel about their future.
Goals vs. Expectations
(A 10 - Year Outlook)
MyFuture Readiness Index indicates that Filipinos are less confident that they wil achieve their desired levels of physical, mental, and financial well-being in the future.
They are least confident about being financially ready.
Let's take a deeper look to understand why.
Filipinos believe that healthcare costs increased by 32% in the last 12 months*, and will continue in the long term.
Medical inflation is most felt by Filipinos in the following:
59% Hospitalization
45% Preventive healthcare
39% Health management and wellness services
35% Outpatient services
So how do Filipinos currently cope?
53% use less expensive meds (i.e., generic meds)
41% use less expensive services (i.e., government clinics and hospitals)
How can I take better care of myself?
Protect your family from the financial burden of critical illness.
Filipinos lose up to Php 35 billion annually due to cancer, with Php 29.2 billion coming from direct healthcare expenses such as charges for treatments, hospitalization, laboratory procedures, and medicines, as reported by the Philippine Institute for Development Studies (PIDS).
The high medical treatment costs put them at greater risk of premature death compared to their Asian neighbors. For example, treating cancer ranges from ₱120,000 to ₱1 million, with chemotherapy ranging from ₱20,000 to ₱120,000 per session depending on the cancer type.
To help Filipinos prepare for medical expenses should they fall critically ill, Manulife introduced its Wellness Maker, which includes customizable health insurance plans that allow you to choose and pay only for the health coverage you need.
Aside from its health risks to themselves, Filipinos fear financial risks. Because many often just have enough to get by, they worry that spending for medicines and treatments would take resources away from their loved ones’ basic needs. We designed our solutions to help Filipinos have a sense of security and ease their financial worries in case they get sick. It also helps protect their savings so they can focus on recovery, while financially securing their future and that of their family. - Rahul Hora, President Chief Executive Officer, Manulife Philippines
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