Friday, March 11, 2016

PhilHealth finances as robust, healthy, substantial as ever March 10, 2016

From the Website of the President

PhilHealth finances as robust, healthy, substantial as ever March 10, 2016
The following is a statement from Alexander Padilla, president and CEO of the Philippine Health Insurance Corporation. 

We would like to clarify some news reports that came out today that might have caused panic among our members, especially where the stability of the health insurance funds is concerned.

PhilHealth’s finances are as robust, healthy and substantial as ever. Proof of this is our ability to pay for the benefit claims of our members at an amount that has been steadily growing over the last five years. In 2011, we paid about P34B; about P44B in 2012; up to P55B in 2013, P77B in 2014 and about P97B in 2015.

While we paid P1B more than what we collected in premium contributions in 2015, we gained about P7B from investment income, resulting in positive numbers still. Thus, there is no reason for our members and other stakeholders to worry about our capacity to meet our obligations.

At the same time, our reserve funds have been growing steadily too, from about P112B in 2012 to P128B in 2015. We are mandated to maintain a reserve fund level equivalent to two years so that we can readily address our members’ needs should any eventuality happen. While other social protection programs maintain probably higher levels of reserve funds, we operate on a pay-as-you-go system where we immediately translate what we collect into benefit payments for our members.

We appeal to our media partners to carefully understand how the National Health Insurance Program (NHIP) works so that our members are constantly assured of PhilHealth’s capability to keep up with its commitment to the 93 million-strong Filipinos who rely on the NHIP for their health coverage.

President and CEO

Office of the President Website

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