Update on PhilHealth Fund Amid the COVID-19 Pandemic in PH
PHILHEALTH – The Philippine Health Insurance Corporation gave an update on its fund amid the COVID-19 pandemic in the country.
Philippines is one of the more than 200 nations and territories affected by COVID-19, a disease that was first recorded in China last December 2019. It spread rapidly across the globe.
The World Health Organization (WHO) declared COVID-19 as pandemic as its effects went off-hand. Even the international body was alarmed by how quickly the cases escalated.
In PH, the Department of Health (DOH) recorded a total of 106,330 cases of coronavirus as of this writing. The death toll is at 2,104 now while 65,821 patients have already recovered from the disease.
Aside from the government and the DOH, the PhilHealth is also on the move amid the fight against COVID-19. It released huge amount of funds amid the pandemic.
Based on a report on ABS-CBN News, the Department’s protection officer, Nerissa Santiago, spoke on its fund now after several months of the fight against COVID-19.
The PhilHealth officer said that before the COVID-19 pandemic, the Department’s actuarial life is above ten (10) years. However, due to the pandemic and if it will continue, a P90-billion net operating losses may take place this year and P140 billion next year.
Santiago further said that if the absence of a vaccine will continue, the Department will face a deficit in 2021. Based on the report, the official claimed that there is no more reserve fund.
When asked by Senator Franklin Drilon if such a situation can cause the collapse of the Health Insurance ran by the state, the official answered in affirmation.
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