PhilHealth Gives Update on Fund Amid COVID-19 Pandemic; Deficit by 2021?

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.

Photo Source: CNN Philippines

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.

VISIT: PhilHealth Releases New Benefit Package For COVID-19 Testing

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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