OBJECTIVES: to evaluate the economic benefits of an 8 week Ambulatory Pulmonary Rehabilitation Program (PR) plus GOLD based standard treatment (ST) vs. ST without PR of COPD patients after an acute exacerbation of the disease in the Colombian Health Care System (CHCS). METHODS: Direct costs of ST and of PR were calculated according to tertiary level university hospital’s registries during one year and CHCS’s drugs prices; these costs and QALY were estimated for one year by a Markov chain model based on Seymour’s study (Thorax, 2010) findings of health care utilization and probability of death. Univariate sensitivity and probabilistic analysis were performed by Monte Carlo method. RESULTS: Following acute exacerbation of COPD the annual cost of PR plus ST was COL$ 4,594,407,00 (US$ 2,483.46) vs. an annual cost of ST without PR of COL$ 9,124,326.00 (US$ 4,932.07). QALY of PR plus ST patients: 0.86577; QALY of ST without PR: 0.852979. Mean cost-effectiveness of PR plus ST: COL$5,306,729.00 (US$ 2,868.50) per QALY, cost-effectiveness of ST without PR:$10,697,014.00 (US$ 5,782.17) per QALY. There was absolute dominance of PR plus ST vs. ST without PR in all scenarios. In the sensitivity analysis the absolute dominance is maintained for any cost of PR program