Philippine Health Insurance Corp. (PhilHealth) may collapse by 2022 if the global health emergency continues to exist. According to Nerissa Santiago, Acting PhilHealth Senior Vice President, PhilHealth is losing its reserve funds and its actuarial life may only last until next year.
“By next year po, wala na po tayong reserve funds. So one year lang po ang ating actuarial life,” states Santiago during a Senate probe regarding the controversial health pension fund. Read more: PhilHealth to collapse by 2022 if pandemic persists, warns exec, an article by Inquirer.Net.
Santiago elaborates that PhiHealth is expecting a net operating loss of Php 90 billion for this year and Php 147 billion by 2021 – as speculated if the pandemic continues and if a vaccine is still not available. She also added that to keep the agency afloat, the government should give more contributions to the agency.
Senate Minority Leader Franklin Drilon also shared his sentiments regarding the matter.
“This is very serious. We would like really to hear what steps you are going to undertake assuming that your projections are true. This is really a cause of concern for the entire country when you are saying that in 2021 unless additional subsidies are given in the national budget, the PhilHealth system will collapse,” says Drilon.