64% of Filipinos can’t afford P10,000 medical bill without borrowing

A majority of Filipinos, or 64%, cannot shoulder a P10,000 medical bill out-of-pocket without borrowing money or relying on a health maintenance organization (HMO), according to a new study by global management consulting firm Boston Consulting Group (BCG).

BCG’s Filipino Family Study surveyed 1,515 families nationwide.

The report found that financial strain emerges even at lower thresholds: 20% of respondents said they would likely borrow for a bill under P1,000, 28 percent for P5,000, and 16 percent for P10,000.

Grounded in this reality, BCG said seven out of ten families identified health security as their top concern, surpassing savings, education, and home ownership.

“We at BCG think that it’s partly driven by the pandemic,” Lance Katigbak, principal at BCG, said during the study’s launch.

“Not because health is a new priority for us, but because so many Filipinos within that one event experienced that situation where everyone had to pool together money to pay for that hospital bill.”

BCG noted that just one emergency surgery or extended hospital stay could already push most Filipino families into years of debt.

The study also highlighted a mismatch between HMO coverage and what families truly prioritize during health emergencies. Mr. Katigbak said many Filipino adults are likely to delay their own care, even with the same symptoms, to prioritize children and elderly relatives.

Coverage gaps remain stark: only 15% of children are covered by HMOs, compared with 27% of seniors and 47% of adults.

The Filipino Family Study continues BCG’s earlier report, The Filipino Dream, and the Heart of Hustle, which featured Filipino Micro, Small, and Medium enterprises (MSMEs).

Source: Business World

How to enjoy your money without regret

Many people work hard to save and invest, yet when it comes to spending, they often feel guilty. For some, every purchase feels like a dent in their financial future. For others, impulsive buying leads to regret the next day. Either way, money becomes a source of stress rather than enjoyment.

Behavioral finance helps explain why. Studies show that people do not always spend rationally. Emotions, habits and mental shortcuts influence our decisions, sometimes leading to happiness and sometimes to regret. By understanding these patterns, we can use our money with less guilt and fewer regrets.

Traditional economics once assumed that people act rationally and that they weigh costs and benefits before making decisions. But research in psychology and behavioral finance shows that reality is far more complex.

Money is more than a way to pay for things. It carries emotions, which explains why people feel outraged when they see politicians misuse public funds on lavish lifestyles. Every choice to spend or save reflects our fears and hopes.

One reason spending feels complicated is what psychologists call anticipated regret.

Studies led by Thomas Gilovich of Cornell University in 1998 on anticipated regret show that people often avoid spending because they imagine regretting it later. They picture a future where they wish they had saved instead.

Ironically, the same thing happens in reverse for impulsive spenders. They focus only on the excitement of buying and forget the regret that may come later. This push and pull is why spending often feels more emotional than logical.

Mental accounting

Another reason is what researchers call mental accounting, a concept popularized by Richard Thaler in 1985. His study, published in the journal Marketing Science, showed that people divide money into separate mental “accounts,” such as essentials, savings and discretionary use.

Take dividends or bonuses as an example. Many people see them as money that is safe to spend, while selling investments feels more like taking money out of your nest egg. The money may be the same, but the psychology is very different.

If money is meant to make life better, then the real question is how we spend it in a way that truly makes us happy.

Back in 2013, behavioral researchers Elizabeth Dunn and Michael Norton explained in their book “Happy Money” that happiness has less to do with how much you spend and more with what you spend it on.

Their research showed that experiences such as a vacation, a family celebration or even a simple day out with friends tend to create deeper and longer lasting joy than material purchases.

A brand new gadget or luxury item might thrill you at first, but the feeling fades quickly while memories often grow more valuable with time.

Meaningful spending

Another study by Cassie Mogilner Holmes of UCLA and her colleagues in 2016 found that spending brings the most satisfaction when it matches personal values.

People who used money to strengthen relationships, pursue growth or support meaningful goals reported higher life satisfaction than those who saved too much or spent without purpose.

What this tells us is simple. Happiness is not about the size of your bank account but about how well your money supports the life you want to live.

Imagine three retirees with the same savings. The first is so worried about running out of money that he barely spends. He skips the trips he dreamed of and avoids hobbies he once wanted to try.

When his health finally slows him down, he realizes the real loss was not the money but the memories he never made.

The second goes the other way. He spends too much on luxuries and drains his savings too fast. By the time he gets older, the lifestyle he once enjoyed becomes impossible to sustain. What remains is stress instead of comfort.

Then there’s the third. She sets aside enough for essentials and long-term security but also reserves a portion for enjoyment. She books trips early, savors the excitement of looking forward to them and creates memories with her family. By striking this balance, she avoids both the regret of holding back too much and the pain of spending too much.

Live without regrets

These examples show what research has been saying all along. Regret usually does not come from spending money, but from spending it without purpose. If you save only out of fear, money does not protect you, it just traps you.

If you spend it carelessly, it leaves you feeling empty. But if you use it for experiences and relationships that truly matter, it gives life more meaning.

The psychology of spending teaches us that financial success is not just about building wealth. It is about using money in ways that create both security and fulfillment.

Research by Gilovich, Thaler, Dunn, Norton and Holmes all point to the same truth that happiness with money is never about the total you keep, but about whether it supports the life you want to live.

Source: Inquirer

Moving Forward: How the Philippines Can Unlock Health, Mobility & Climate Wins by Walking and Cycling

In many Philippine cities and towns, we see clogged roads, increasing vehicle ownership, traffic congestion, air pollution, and rising chronic health problems such as obesity and cardiovascular disease. At the same time, the country is highly vulnerable to climate change: sea‑level rise, typhoons, and the need to reduce greenhouse gas (GHG) emissions are real concerns. So there is a strong case for tackling mobility, health, and climate together. A recent global study (published in PNAS) shows that investing in walking and cycling infrastructure is one of those rare “triple‑win” strategies.

source: Scientific American Dec 2025

What the study found and why it matters for the Philippines

The global research shows that when cities are designed so that people can walk or cycle safely and conveniently, the benefits are huge.

Key findings:

• Higher population density → shorter trips → more walking/cycling.

• More extensive and better bicycle lane networks → meaningful uptick in cycling rates.

• Even climates with hot summers or cold winters are no barrier — what matters is the infrastructure and design.

• If all cities matched Copenhagen’s cycling network extent, global emissions from private vehicles could drop ~6%, and the health benefits would be in the hundreds of billions of dollars annually.

For the Philippines:

• Many urban areas (e.g., metro Manila, Cebu, Davao, etc.) already have high densities and many short trips. This is an advantage.

• If we bolster walking/cycling infrastructure (bike lanes, pedestrian‑friendly streets, mixed‐use neighborhoods) we can tap into latent potential for active mobility.

• Reducing vehicle dependency helps reduce congestion, air pollution (which affects health), and transport emissions (which matter for climate commitments).

• Health gains from active travel (more walking/cycling) include reduced risk of chronic disease, improved wellbeing and reduced health system burdens.

Specific Opportunities & Considerations for the Philippines

1. Urban planning & mixed‐use development In many Philippine cities, residential areas and workplaces/shopping/amenities may be separated, so short trips get done by vehicle or motorcycle. Encouraging mixed‐use development (homes, shops, offices closer together) helps make walking/cycling feasible.

2. Safe, continuous infrastructure for active travel Simply having a painted bike lane is not enough. The global study emphasized street‐design: separation from vehicle traffic, safe crossings, comfort for walkers/cyclists. In the Philippines, many sidewalks are discontinuous, obstructed, or absent; many bike lanes are fragmented or share space with vehicles. Upgrading these can raise walking/cycling rates.

3. Contextual fit & local culture The study shows: you don’t have to replicate Copenhagen exactly to succeed. What matters is tailoring to local conditions — topography, climate, culture, travel habits. For the Philippines, for example, around‑the‑year warm/humid climate is the norm, so shade, green corridors, rain protection might matter more. Hilly terrain or informal settlement patterns may present challenges.

4. Equity and inclusion Many Filipinos rely on walking and cycling out of necessity (not choice). Infrastructure upgrades must consider low‑income neighborhoods, safe access for women, children, elderly. Also linking active travel with public transit is key (so you can walk/cycle to the bus/train station).

5. Health and climate co‑benefits

   • Health: more walking/cycling → more physical activity → fewer chronic diseases, lower health system costs, improved quality of life.

   • Climate & emissions: lower reliance on private motor vehicles → fewer GHG emissions. This helps the Philippines meet its climate goals and reduces vulnerability from transport‑related air pollution.

   • Resilience & efficiency: A diversified mobility system that includes walking/cycling is more resilient (less dependent on fuel, less vulnerable to traffic jams) and more space‐efficient (less land used for parking, roads).

A Few Action Steps for Local Government & Communities

• Conduct a mobility audit: identify neighborhoods with high short‑trip potential (schools, workplaces, shops within 1‑3 km) and lacking safe walking/cycling infrastructure.

• Prioritize pedestrian first: wide continuous sidewalks, safe crossings, shade trees, lighting.

• Expand and connect bike lane networks: ensure continuity, safe intersections, visibility, and links to transit hubs and workplaces.

• Promote mixed‐use zoning and local amenities so shorter trips become practical.

• Launch behavioral campaigns: encourage walking/cycling by showing benefits, safety tips, community‑rides, walking groups.

• Measure and monitor progress: track mode‑share of walking/cycling, infrastructure length, safety outcomes, health metrics.

• Secure funding: active‑travel infrastructure tends to deliver strong cost‑benefit (health + environment) so build the business case for local budgeting or donor funding.

Why This Matters Now

The Philippines is at a critical juncture: urbanization is increasing, vehicle fleets are growing, climate change risks are mounting, and public health burdens are rising. Investing in walking and cycling isn’t just an “add‐on” — it’s a strategic investment in sustainable mobility, healthier citizens, and lower emissions. The global study gives strong evidence: the infrastructure choices we make today will shape health and climate outcomes for decades.

Conclusion

If the Philippines can shift more mobility toward walking and cycling — by density‐friendly development, robust infrastructure, and inclusive design — we stand to gain on multiple fronts: better health, less traffic stress, cleaner air, fewer emissions, more livable cities. The roadmap is there; what we need now is the will, the planning, and the action.

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Source: Ziggurat Real Estate