Officials of the Philippine Health Insurance Corporation (PhilHealth) reassured the public that its financial standing remains strong and that its actuarial life is "here to stay."
There is no limit to the lifespan of the state health insurer, said PhilHealth Vice President and Chief Operating Officer Eli Dino Santos.
“So, yung actuarial life po ng (The actuarial life of) PhilHealth again is dependent on how we manage our income versus our expenses. And PhilHealth will definitely, because of that, PhilHealth will definitely last,” said Santos in a press briefing on Wednesday, Feb. 15.
“Huwag po tayong mag worry about sa actuarial life ng PhilHealth (Let's not worry about the actuarial life of PhilHealth). Again, PhilHealth is here to stay,” he added.
The agency’s finances “remain robust and strong,” said PhilHealth President and Chief Executive Officer Emmanuel Ledesma Jr.
“As of September 2022, we recorded our highest net income of P46 billion. Our total assets stood at P394 billion which is 13 percent higher than our December 2021 figures,” said Ledesma.
He also noted that PhilHealth’s “investment portfolio stands at P355 billion which consists of 83 percent long-term investments in government bonds and corporate bonds, and the remaining 17 percent are short-term investments.”
“PhilHealth’s reserve fund also rose to P224 billion from P151 billion in September 2021, or a 48 percent growth due to the consistent positive results of operations,” said Ledesma.
With these figures, PhilHealth has the capacity to implement new benefit packages for this year, said Ledesma.
“We would like to assure you that your PhilHealth is and remains to be in a strong position to implement these benefit enhancements,” he said.
The agency is set to introduce this year the outpatient benefit package for mental health, he said.
“In addition to our existing inpatient coverage for mental health conditions, we are pleased to introduce this benefit package to improve health outcomes, quality of life, and productivity of our kababayans (citizens) with mental health issues,” said Ledesma.
Another benefit package to be rolled out is the outpatient package for severe acute malnutrition (SAM) for children below five years old, said Ledesma.
“This is in support of the Kalusugan at Nutrisyon ng Mag-Nanay Law that provides for the management of severe acute malnutrition,” he noted.
Moreover, PhilHealth is going to “enhance” the benefit packages for orthopedic implants, kidney transplantation; breast, cervical, and prostate cancers; and open heart surgeries for children, specifically ventricular septal defect and tetralogy fallot, said Ledesma.
The agency will also strengthen the implementation of its “Konsulta” package. “This is to make essential services such as consultations, health screening and assessment, laboratory tests, and drugs and medicines available to all Filipinos anywhere in the country,”said Ledesma.
“PhilHealth remains committed to our mandate of providing all Filipinos with equitable access to adequate, affordable, and acceptable healthcare services, anytime and anywhere they need them,” he said.