We would like to clarify some news reports that came out this week 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 P34 billion; about P44 billion in 2012; up to P55 billion in 2013, P77 billion in 2014 and about P97 billion in 2015.
While we paid P1 billion more than what we collected in premium contributions in 2015, we gained about P7 billion 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 P112 billion in 2012 to P128 billion 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 works so that our members are constantly assured of PhilHealth’s capability to keep up with commitment to the 93-million strong Filipinos who rely on the NHIP for their health coverage.
Alexander Padilla
President and CEO
Philippine Health Insurance Corporation
CityState Centre, 709 Shaw Boulevard, Pasig City
www.philhealth.gov.ph