Tuesday (August 4), Senators learned that the state health insurance firm will close in 2022 if this pandemic still continues.
Senate Minority Leader Franklin Drilon questioned Acting VP and President for data protection officer Nerissa Santiago regarding Philhealth’s actuarial life; according to her,Philhealth will close in the said year because of not having enough funds to support the operation of the agency.
“There will be no more reserve funds by 2021 so deficit na po tayo in terms of collection and benefit payouts in 2021,” she told senators. “One year lang po ang actuarial life.”
When asked by Sen. Drilon to clarify what has the official stated. “Are you saying that in 2022, wala nang PhilHealth?”
“Yes, sir,” replied Santiago. “We can only survive with additional contributions coming from the government,”
The firm has an actuarial life of 10 plus years but because of Covid that brought decrease in distribution and more pay out then it will only take a year or two for Philhealth.
Sen. Drilon startled with what he knew and asked the officer what action they are planning to continue the state health insurance.The officer asked for a subsidy given by the government to have an additional source.
This was done in a Senate hearing for alleged corruption in the firm. After former anti-fraud legal officer Thorrsson Montes Keith exposed the corruption in the agency, billions of pesos are said to have been corrupted in the agency.