The Philippines could more than quadruple medical tourism revenues to USD5 billion by 2034, but unlocking that growth will require bigger investments in healthcare and wellness infrastructure, stronger standards, and a more integrated value chain linking hospitals, tourism, logistics, technology, and other industries, government and business leaders said.
Social Welfare Secretary Rex Gatchalian said medical tourism generated USD1.2 billion in 2024, forming part of the country’s broader health and wellness economy, which recorded $5.5 billion in revenues.
The opportunity comes as the global wellness economy expands rapidly. Gatchalian said it could reach USD9.8 trillion by 2029 from USD6.8 trillion in 2024.
“The scale of the opportunity is already clear,” Gatchalian told the ASEAN Health Tourism & Wellness Economy Summit in Pasay City.
But capturing a larger share of that spending will require the Philippines to broaden its concept of health tourism beyond hospitals and conventional medical services.
Gatchalian said the country should develop more wellness infrastructure, including long-term care facilities, retirement communities, and age-friendly destinations that can cater to aging populations and longer-stay visitors.
The country also needs to better connect agriculture, manufacturing, healthcare, logistics, technology, and tourism to create an integrated wellness value chain that can respond more efficiently to changing consumer demand.
Philippine Chamber of Commerce and Industry President Ferdinand Ferrer said deeper regional cooperation could strengthen the Philippines’ position by harmonizing standards, recognizing health and wellness credentials across ASEAN, and creating mechanisms to channel investment into wellness enterprises.
Consumers increasingly demand “quality, safety, credibility, and convenience,” Gatchalian said, underscoring the need to benchmark Philippine standards against advanced international systems.
Ferrer said ASEAN must turn the sector’s potential into concrete commitments.
“Vision without action is merely a program of speech,” he said.
