Indigent senior citizens are seen lining up to receive social pension from the Philippine Department of Social Welfare and Development (DSWD) in Quezon City Hall (Photo: news.abs-cbn.com)
 
Hanoi (VNA) – The Philippine population is slowly aging, according to a study that the Philippine Institute for Development Studies (PIDS) released on July 3.

The paper, titled "Are We Missing Out on the Demographic Dividend? Trends and Prospects", was carried out in a little over a decade. 

Experts said elderly people aged 65 or older will comprise at least seven percent of the total population by 2032.

The PIDS research fellow Michael Abrigo said the Philippines will officially enter an "aged society" when the proportion of the elderly population reaches at least 14 percent by 2069.

He said an aging population comes with both challenges and prospects.

More elderly people means more State subsidies for healthcare expenses. Moreover, the elderly tend to have medical conditions that require costly treatment, Abrigo explained.

On the other hand, aging, along with rising life expectancy, also leads to higher savings in society, thus increasing investment and may result in faster economic growth and improved living standards, he noted.-VNA