With looming deficit, PhilHealth to ‘collapse’ by 2022

The Philippine Health Insurance Corporation will run out of funds by 2022, as it projected massive losses in 2020 and 2021 amid the COVID-19 pandemic, its acting senior vice president for actuarial services Nerissa Santiago told the Senate on Tuesday, August 4.investigation of alleged widespread corruptionIn the hearing, Senate Minority Leader Franklin Drilon asked the PhilHealth officials for the corporation’s actuarial life – or the expected longevity of the insurance scheme.

PhilHealth had an actuarial life of more than 10 years before the coronavirus pandemic took hold. Now, decreased collections from PhilHealth members and the expected increase in benefit payouts have had a “double impact” on the program, Santiago said. “We expect that by 2021, we will be in the red already, so it’s only one year…in terms of the actuarial life,” she added.

PhilHealth expected a net operating loss of P90 billion in 2020 and, if the pandemic persisted, P147 billion in 2021, Santiago said. Citing the government-owned and controlled corporation’s financial statements, Drilon said PhilHealth already incurred a net operating loss of P3.5 billion in 2019. In the first quarter of 2020, it already reported P2 billion in net operating loss.“The government has the responsibility to keep it afloat,” Santiago replied. She said unless the government increases its yearly P71 billion subsidy, PhilHealth will inevitably fold.“Yes, Sir,” Santiago said.

Parang déjàvu nung PCSO and GSIS during Arroyo's..

Smells like someone saw this pandemic as an excuse to blame for the years of corruption in PHIlHEALTH PHILHEATH

Transfer the OP & intel funds here! Mas maraming makikinabang kaysa don sa inutil na ginagamit lang para sa mga kasindikato o laban sa mga kritiko nya.

So paano nalang yung mga contribution namin?

wow after taasan ang contribution? luh

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