The Philippine Health Insurance Corporation (PhilHealth) earned a net income of P11.6 billion in 2018, or 4,800 percent over its income in 2017. PhilHealth now covers 104 million Filipinos, equivalent to 98 percent of the country’s total population of 106 million people.
This was the report of Dr. Roy B. Ferrer, PhilHealth president and chief executive officer, during a media “kapihan” (press conference) yesterday at the Royal Mandaya Hotel in Davao City.
Ferrer who is from Davao City described the huge income as “ a sterling financial performance that reflects intensified premium collections, aggressive investments, and prudence in our spending without compromising our commitments to our health care providers.”
“Our total investment portfolio is at P149 billion, while our reserve fund is at P97 billion at the end of 2018,” the PhilHealth head said.
On the expense side, he said “we paid a total of P121 billion in health care benefits, which is 10 percent higher that what we paid for in 2017.”
PhilHealth-accredited health facilities now number 1,859, which correspondence to 99 percent of all hospitals licensed by the Department of Health (DOH) in the country.
Ferrer said PhilHealth together with the DOH is currently in the thick of preparing for the full implementation of the newly-approved Republic Act 11223, more popularly known as Universal Health Care.
He said the law will hasten complete health coverage of the Philippine populace, “wherein every Filipino is granted immediate eligibility and access to preventive, promotive, curative, rehabilitative, and palliative care medical, dental, mental and emergency health services.
He said DOH, PhilHealth and other stakeholders are given 180 days to craft the necessary implementing rules and regulations (IRR) of the UHC Law which took effect last Friday, March 8.