Friday, August 21, 2009

Is Philhealth Bankrupt? Seriously, Please Protect It!

News reports came out yesterday that the Philhealth or the Philippine Health Insurance Corporation is going bankrupt but government officials deny the stories. According to Philheath executives, the company actually had an income of P 10 billion last year up 50% from 2007 figure. Its reserve fund amounts to P 63 billion. Reports of Philheath bankruptcy stems from the National Government unpaid debt of P 19 billion in unpaid contributions. So when will they pay this? The Department of Budget and Management (DBM) and the Philhealth have different computations so the two parties will have to resolve this before the government pays the government owned and controlled corporation. DBM calculated the debt at P 9 billion only.

It was a Philhealth official who first bared this disturbing news. If this remains unresolved "the life of the fund is only until 2016", Nerissa Santiago, Philhealth Vice President and Deputy Chief Actuary told the Senate Committee on Health and Demography.

Hospital fees are so expensive and Philhealth really helps assuage the high cost of it. Imagine seventeen million people in health care limbo if the corporation crashes. This is not a joke.
Seriously, please protect Philhealth.

I'm thankful for's not perfect but it's better than nothing. Many benefited from it.

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