The Philhealth to Collapse by 2022
The Philippine Health Insurance Corporation (Philhealth) is the number one source of insurance of millions of Filipinos after it was established in 1995. It has been providing benefits and financial support to the most critical and extensive healthcare services so that every Filipinos can afford the healthcare services anywhere in the Philippines.
With almost six months insisting this pandemic, the Philhealth is the most critical part of serving and providing the needed services to battle the virus with which every Filipinos are covered.
Philhealth Corruption Scandal Disclosed
However, yesterday, August 4, 2020, Philhealth corruption scandal was exposed in the media. Pocketing a massive amount of more or less 15 billion pesos under various scheme scandal. This was exposed after the resignation of anti-fraud officer Lawyer Thorrson Montes Keith.
“My primary job as antifraud legal officer of PhilHealth is to spy on corrupt personnel. What I have discovered in PhilHealth may be called crime of the year” According to Keith.
The Philhealth President and CEO Ricardo Morales once ordered him to talk to Greco Belgica, Commissioner of the Presidential Anti-Corruption Commission to massage the investigation of overpriced testing kits for COVID-19.
Philhealth to Run Out of Funds by 2022
The Philippine Health Insurance Corporation (PhilHealth) will run out of funds by 2022, as the officials projected the losses in this pandemic and anticipating what could be the losses next year, this is according to senior vice president for actuarial services Nerissa Santiago in August 4, 2020.
Before this pandemic, the corporation has an actuarial life of more than 10 years but the pandemic devastatingly affected the projected 10 years and double the impact of decreasing its funds from the benefits it offers, Santiago said.
“We expect that by 2021, we will be in the red already, so it’s only one year in terms of the actuarial life. PhilHealth expected a net operating loss of P90 billion in 2020 and, if the pandemic persisted, P147 billion in 2021” Santiago said.
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