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On Thursday, the Philippine Health Insurance Corp. (PhilHealth) reassured its members that their fund is secure enough to pay benefits and fulfill long-term obligations.

This happened after a news report citing forecasts from the previous year claimed PhilHealth might have a net loss of PHP57 billion.

“PhilHealth recorded a PHP32.84 billion net income in 2021, PHP2.8 billion more than the previous year, after paying the PHP140 billion in member benefit claims,” PhilHealth officer in charge Eli Dino Santos said in a statement.

The assets of PhilHealth increased by 27% to PHP347.48 billion in 2021.

The reserve fund for PhilHealth was PHP188 billion as of June 2022, up PHP6.7 billion from PHP176.6 billion in 2021.

According to Santos, PhilHealth’s fund is stable and capable of providing benefits to its members in the long run because of its financial stability.

“The increase in the collection from direct contributors, national government subsidy for the premium of indirect members, and earnings from wise investments all contribute to maintaining the fund,” he said.

He continued that one of the primary financial sources for implementing the Universal Health Care Law is payments from direct donors.

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