Official admits PhilHealth could go bankrupt next year and collapse in 2022

Official admits PhilHealth could go bankrupt next year and collapse in 2022

- An official from PhilHealth claimed that the state insurance agency could go bankrupt next year

- The same official also warned that by 2022, PhilHealth could collapse if COVID-19 persists

- However, a whistleblower claimed that some execom members pocketed P15 billion from its funds

- The Senate conducted a hearing to check into the alleged anomalies in the Philippine Health Insurance Corp.

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An official from the Philippine Health Insurance Corp. (PhilHealth) claimed that the state insurance firm will collapse by 2022 if the COVID-19 persists in the Philippines.

KAMI learned that the actuarial life of PhilHealth is now down to one year.

PhilHealth to go bankrupt next year as whistleblower claims officials pocketed P15 billion
Photo from Getty Images
Source: Getty Images

In a report by Inquirer (authored by Maila Ager), officials from PhilHealth claimed that by next year, the firm will no longer have reserve funds.

“By next year po, wala na po tayong reserve funds. So one year lang po ang ating actuarial life,” said Acting PhilHealth Senior Vice President Nerissa Santiago.

Senate Minority Leader Franklin Drilon further asked regarding the actuarial life of PhilHealth.

“So you’re saying that the actuarial life of PhilHealth is only one year? Are you saying that in 2022 there will be no more PhilHealth?” Drilon said.

“Yes sir,” Santiago responded.

Drilon expressed his concern about the possible collapse of the PhilHealth system in few just a few years.

“This is very serious. We would like really to hear what steps you are going to undertake assuming that your projections are true,” Drilon said.

“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,” he added.

As posted by Philippine Star on Facebook, an ongoing Senate inquiry was started to investigate the anomalies in the agency including the P2 billion overprice in IT system acquisitions and alleged “fake” COVID-19 cases.

According to Inquirer, a whistleblower also claimed that PhilHealth officials pocketed over P15 billion from its funds.

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PhilHealth was created to implement universal health coverage in the Philippines. However, it is being questioned recently because of the alleged anomalies in the agency.

Earlier, PhilHealth shared to the public that there is a new rate package for the people who will be hospitalized due to the coronavirus disease.

President Duterte previously announced that the PhilHealth contributions of overseas Filipino workers are now voluntary.

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