PhilHealth denies report it is struggling financially

LAPU-LAPU CITY, Philippines — The Philippine Health Insurance Corporation (PhilHealth) has assured its members that their fund remains strong, contrary to a newspaper report.

Members of the state-run insurer will also continue to enjoy their health coverage.

In a press statement, PhilHealth stated that contrary to the erroneous claim citing last year’s projection of a loss of P57 billion, the agency instead ended 2021 with a net income of P32.84 billion, which is higher by P2.8 billion than the previous year.

This is after the Corporation has recognized a total of P140 billion in members’ benefits claims.

Its total assets also rose by 27% to P347.48 billion in 2021.

“As of June 2022, the state-run insurer has a reserve fund of P188 billion, which is 6.7% higher than the P176.6 billion as of the end of 2021. Such financial standing is a clear indication that it is financially stable and therefore is in a strong position to sustain payment of benefits in the long term,” the statement read.

Atty. Eli Dino Santos, PhilHealth Officer-in-Charge, also said that the contribution from direct members is one of the major funding streams as mandated by the Universal Health Care Law.

“The increase in collection efficiency of contributions from Direct Contributors, national government subsidy for the premium of Indirect Members, earnings from investment incomes, contribute to fund sustainability” Santos said.      /rcg

ALSO READ: 

PhilHealth has 5 years to live, exec claims 

Rama asks Philhealth to pay hospitals