The state social health insurance provider sustained positive trends in its cash flow and registered a whopping P7.41-B in net income at the end of this year’s first semester; a reflection of its resolve to protect and sustain the National Health Insurance Program (NHIP) fund.
Innovative enhancements on premium collection methods proved vital to strengthening the financial condition of the government-run corporation which went under public scrutiny in the past months.
The Philippine Health Insurance Corporation (PhilHealth) posted P59.79-B in premium collections from January to June 2018. The figure dwarfed last year’s collection for the same period by P4.56-B. A huge part of the premiums came from the private and public sectors that amounted to P22.24-B and P6.67-B, respectively.
In terms of benefit expenses, PhilHealth paid P52.92-B in claims as of June 2018 with 27% of the total amount used to pay for the medical care of the senior citizens and Lifetime Members. They topped the list of members that utilized the comprehensive set of benefits offered by the state-governed corporation. Sponsored and indigent members came in second on benefit grants with P13.19-B in claims. This was a clear manifestation of quintessential PhilHealth care for the vulnerable elderly and the economically-challenged Filipinos.
On the other hand, total assets were listed as P172.34-B which received a P3.89-B boost attributed to an 11% investment growth. PhilHealth capitalizes in interest-bearing bonds and deposits, and government securities, among others, that yield an annual income based on prevailing rates of interest.
Increase in total liabilities was notable only because of the corporation’s benefit claims payable of P44.96-B due to the recording of actuarially-computed incurred but not received (IBNR) payables and accruals for the Primary Care Benefit (PCB) package.
Acting President and CEO Roy B. Ferrer was optimistic about PhilHealth’s resurgence and said that, “The infusion of fresh income ultimately dispels any notion of PhilHealth’s financial troubles,” he also added that, “We have been through tough times and it is with capable leadership and management that we have been able to rise from the ashes of alleged bankruptcy and have become a sound and stable institution that looks after the welfare of the Filipinos; especially the poor and the marginalized.”
Ferrer had been constantly hounded on the issue of alleged negative cash flow of PhilHealth that was previously reported as P4.7-B to which he replied, “We have already paid a huge amount of claim reimbursements incurred in 2017. In fact, we are continuing to review our last year’s financial position and as early as now I am confident that it will produce a positive data; not a loss.”
PhilHealth assured the public that it will continue performing its mandate to the highest of moral standards and will maintain an unrivaled transparency that would become the benchmark of true and exceptional health care service. END (JJ Rico)