The Philippine Health Insurance Corporation (PhilHealth) announced on Friday that it recorded a net income of P32.84 billion last year.
The agency said the figure was “higher by 2.8 billion pesos, representing a growth of 9% over the previous year”.
“Revenue from health insurance contributions also increased by 15% over the previous year, to reach 171.17 billion pesos, due to the increase in the number of salaried and self-paying/paid members. around 7%, coupled with continued collection efforts and the launch of an online website. premium payment facility for self-paying members in its member portal,” PhilHealth said in a statement.
PhilHealth also reported receiving 71.24 billion pesos in grants from the national government for indirect contributors. “In total, the intensified collection allowed PhilHealth to exceed its collection goal by 10%,” he said.
“In terms of expenditure, total expenditure on benefits totaled 140.16 billion pesos, which represents an increase of nearly 20 billion additional pesos, an increase of 16% compared to 120.9 billion pesos. pesos of the previous year. This is attributed to increased awareness of the various benefits available among members,” he said.
In addition to Covid-19 benefit payments, the state health insurer said it “has also made substantial payments for other health services such as inpatient and outpatient care, primary care benefits and the Z benefits enjoyed by its members and their qualifying dependants”.
PhilHealth noted that its “contribution collections have consistently exceeded benefit payments by 31.01 billion pesos,” with the agency “paying 0.82 centavos in benefits for every P1 it collected from members.”
He also noted that he “saw an increase in investment income, earning a total of 9.5 billion pesos, 8% more than last year, exceeding target interest income by 40 %”.
“PhilHealth’s total assets increased by 27% to a total of 347.48 billion pesos compared to 274.46 billion pesos in CY (calendar year) 2020, mainly due to increased investments where the national government grants and timelines were placed after considering funding needs,” it said.
“Growth was driven by its investment portfolio worth 331 billion pesos, which includes special savings deposits (SSDs) and term deposits worth 70 billion pesos. These highly marketable assets can easily be liquidated and converted into cash in the event of an unexpected interruption in cash flow. The rest of the investments are in government and corporate bonds,” he added.
“With its reserve funds of 177 billion pesos – 25% more than in 2020 – PhilHealth’s financial performance offers the assurance of stable benefit payments to its members here and abroad in the event of contingencies. medical services in the future,” he continued.
President and CEO of PhilHealth Atty. Dante Gierran encouraged his members to “continue to invest in their health through PhilHealth”.
“While our achievements speak volumes about our determination to properly administer the national health insurance program, it was our determination to deliver better public service that got us through a very difficult 2021,” he said. he declares.
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