MANILA – The Philippine Health Insurance Corp. (PhilHealth) on Thursday assured its members that its fund is stable enough to provide benefits and cover long-term obligations.
This came after a news report said PhilHealth could have a net loss of PHP57 billion, citing projections from last year.
“Ang PhilHealth ay nakapagtala ng PHP32.84 bilyong kita sa taong 2021, mas mataas ng PHP2.8 bilyon mula sa nakaraang taon, matapos maibawas ang PHP140 bilyong bayad para sa benepisyo ng mga miyembro (PhilHealth recorded a PHP32.84 billion net income in 2021, PHP2.8 billion more than the previous year, after paying the PHP140 billion members’ benefit claims),” PhilHealth officer in charge Eli Dino Santos said in a statement.
PhilHealth’s assets went up by 27 percent amounting to PHP347.48 billion in 2021.
As of June 2022, PhilHealth’s reserve fund reached PHP188 billion, which is 6.7 percent higher than the PHP176.6 billion in 2021.
Such financial standing indicates that PhilHealth’s fund is stable and can pay its members benefits in the long term, Santos said.
“Ang pagtaas ng collection efficiency mula sa direct contributors, national government subsidy para sa premium ng indirect members, at kita mula sa matalinong investments ay nakatutulong upang mapanatiling matatag ang ating pondo (The increase in collection from direct contributors, national government subsidy for the premium of indirect members, and earnings from wise investments help sustain the fund),” he said.
Payments from the direct contributors comprise one of the major funding streams for the implementation of the Universal Health Care Law, he added. (PNA)