Objective: The aim of this study is to investigate the effects of combined physical and cognitive training on fall rate and risks of falling in older adults with mild cognitive impairment. Design: The design of this study was an assessor-blinded, randomized controlled trial. Setting: The setting for this study is the community from Manila, Philippines. Subjects: In total, 92 community-dwelling older persons with mild cognitive impairment (aged 60–83) were randomly allocated to three intervention groups and one waitlist control group. Interventions: The physical training, cognitive training, and combined physical and cognitive training intervention programs were delivered for 60 to 90 minutes, one to three times per week for 12 weeks with six-month follow-up. Main measures: Participants were assessed at baseline, 12 weeks after baseline, and 36 weeks after baseline for fall incidence, overall fall risk, dynamic balance, walking speed, and lower limb strength. Results: No significant difference was observed across time and groups on fall incidence rate at 12 weeks ( P = 0.152) and at 36 weeks ( P = 0.954). The groups did not statistically differ in other measures except for a significant improvement in dynamic balance based on Timed Up and Go Test in the combined physical and cognitive training group (9.0 seconds with P = 0.001) and in the cognitive training alone group (8.6 seconds with P = 0.012) compared to waitlist group (11.1 seconds) at 36 weeks. Conclusion: There was no significant difference among groups on fall rate and risks of falling post-intervention. Dynamic balance was improved with combined physical and cognitive training and cognitive training alone. Further research with a larger sample size is needed to establish whether or not the interventions are effective.