MANILA, Philippines – The Philippine Health Insurance Corp. (PhilHealth) recorded a net profit of 32.84 billion pesos last year, more than 2.8 billion pesos than in 2020 and representing a growth of 9% compared to the previous year.
In a report, PhilHealth said its revenue from health insurance contributions also increased by 15% to 171.17 billion pesos.
PhilHealth noted that this is due to the approximately 7% increase in employed and self-paying/earning members, “coupled with ongoing fundraising efforts and the launch of an online premium payment service to self-paying members in its member portal”.
The agency said it received some 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 added.
In terms of expenditure, total expenditure on benefits totaled 140.16 billion pesos, representing an increase of nearly 20 billion pesos in additional claims, a 16% increase from the 120.9 billion pesos of the previous year.
The agency attributed the figures to increased awareness about the various benefit packages available among members.
PhilHealth President and CEO Dante Gierran said that if the “achievements of the public insurer speaks volumes about our determination to properly administer the national health insurance program, it is our determination to provide a best public service that got us through a very difficult 2021”.
Gierran encouraged members to continue investing in their health through PhilHealth.
In addition to COVID-19 benefit payments, the statement showed that PhilHealth also made substantial payments for other health services such as inpatient and outpatient care, primary care benefits, and Z benefits enjoyed by its members and their qualifying dependents.
“In total, dues collections have consistently exceeded benefit payments by 31.01 billion pesos, with PhilHealth paying 0.82 centavos in benefits for each P1 it collected from members,” Gierran said.
This is because PhilHealth also 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 pointed out that its total assets increased by 27%, to a total of 347.48 billion pesos, compared to 274.46 billion pesos in 2020, “mainly due to the increase in investments where subsidies from the national government and deadlines were set after reviewing funding needs. ”
Growth was driven by its investment portfolio worth 331 billion pesos, which includes special savings deposits and term deposits worth 70 billion pesos. These highly marketable assets can easily be liquidated and converted to cash in the event of an unexpected disruption in cash flow, according to the state. insurer. The rest of the investments are in government and corporate bonds.
The statement showed that with its reserve funds at 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. should medical contingencies arise in the future”.