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PhilHealth Dying, Might Only Have 10 Months to Live: Board Member


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http://interaksyon.com/article/125042/philhealth-dying-might-only-have-10-months-to-live-board-member

 

InterAksyon.com

The online news portal of TV5

By: Jorge Hallare, Philippines News Agency

March 9, 2016 10:56 PM

 

LEGAZPI CITY -- The Philippine Health Insurance Corp. or PhilHealth needs a shot in the arm as it might have its last breath after 10 months since it is fast losing blood with its fund payout larger than its members' monthly contributions and income.

This was disclosed by PhilHealth board member Eddie Dorotan, who was the guest of honor during the inauguration of the company's new Local Health Insurance Office (LHIO) located at Pacific Mall-Gaisano complex in Legazpi City on Tuesday.

Dorotan said the PhilHealth lost almost P1 billion last year since their payments of benefits to claimants reached P97 billion while the earnings it had hit only P96 billion.

The earnings came from PhilHealth's share from the sin tax, members' contributions and yields from its investments.

The PhilHealth official said premium payments to senior citizens and beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) touched the P10-billion mark.

In the past two to three years, the company spent a large chunk of its financial pie for the enrollment of five million indigent Filipinos.

Despite the monetary problems besetting PhilHealth, however, Dorotan said their company was able to serve the poor through the universal health care program.

He said the company should have a two-year reserve fund of at least P100 billion to continue servicing the public and be reimbursed by the national government, according to the Department of Budget and Management.

The former mayor of Irosin, Sorsogon said PhilHealth benefits a lot from the sin tax from which it got 20 percent of the P30 billion collection of the national government from the revenue-generating tax.

Dorotan said as a remedial measure to prevent PhilHealth’s financial collapse, it is presently intensifying its collection efforts from its members in the private and government offices.

From the government sector members alone, he said, the company has collectibles of billions of pesos.

Dorotan said PhilHealth raked in P5 billion in the form of interests from its investments.

Meanwhile, Gov. Joey Sarte Salceda said Albay has 1.6 million PhilHealth members and beneficiaries, and the province’s enrollment has reached 90 percent that’s why, he said, Albayanos are not afraid to work, especially the farmers and fishermen, because they feel that they have health security.

Salceda asked for a discount on the Albayanos' PhilHealth contributions like a five-year capitation that the government gave after typhoon “Reming” wherein Albay had a 100-percent registration because the Albayanos paid only P500 per member, which was even lowered to P250 because of the discount.

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TheWhiteKnight

Damn, I just went to go sign up today, funny thing is that the whole system was "OFFLINE" whatever that means. I couldn't enroll.

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smokey

whoops .... there goes another benefit ..

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SkyMan

They just doubled the premiums a couple years ago.  Maybe they need another increase.  Sounds like they were a little over 1% shy last year so raise it 10% and see how that goes.

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smokey

They just doubled the premiums a couple years ago.  Maybe they need another increase.  Sounds like they were a little over 1% shy last year so raise it 10% and see how that goes.

DID I read about lots of bonus money flowing out...

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Davaoeno

"We are mandated to maintain a reserve fund level equivalent to two years so that we can readily address our members' needs should any eventuality happen."

 

our reserve funds have been growing steadily too, from about P112 billion in 2012 to P128 billion in 2015," said Padilla.

 

He claimed the state-owned company paid P34 billion in 2011; P44 billion in 2012; P55 billion in 2013; P77 billion in 2014; and P97 billion in 2015. 

 

Soooo- if the payout in 2015 was P97b  then two years of that amount is required to be held as a reserve fund- that of course being P194b. However- he states that the current reserve fund is only P128b.   So by his own admission the fund is currently P66b underfunded !!

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Salty Dog

"We are mandated to maintain a reserve fund level equivalent to two years so that we can readily address our members' needs should any eventuality happen."

 

our reserve funds have been growing steadily too, from about P112 billion in 2012 to P128 billion in 2015," said Padilla.

 

He claimed the state-owned company paid P34 billion in 2011; P44 billion in 2012; P55 billion in 2013; P77 billion in 2014; and P97 billion in 2015. 

 

Soooo- if the payout in 2015 was P97b  then two years of that amount is required to be held as a reserve fund- that of course being P194b. However- he states that the current reserve fund is only P128b.   So by his own admission the fund is currently P66b underfunded !!

 

Maybe they are using Filipino logic.

 

If they paid out P97 billion, took in P96 billion and have P128 billion in their reserve fund. Their reserve would last for over a hundred years... :db:

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