PhilHealth in 'excellent' financial health, posts P11 billion surplus

ABS-CBN News

Posted at Jul 10 2018 03:15 PM

MANILA - The Philippine Health Insurance Corporation (PhilHealth) is in "excellent" financial health amid alleged anomalies in the health insurance's funds, its new president Dr. Roy Ferrer has said, 

PhilHealth posted an P11.6-billion surplus as of the end of April, a statement from the state-run health insurer said.

“These figures should make it very clear that PhilHealth is in excellent financial health, contrary to the claims of a few that it is losing,” Ferrer said in a statement.

“Our huge cash position is concrete guarantee that PhilHealth is in a very stable financial standing to meet its obligations to all its members, partner hospitals, and other stakeholders," he added.

The government's health insurance agency said it received P41.4 billion during the first four months of the year from premium contributions (P39.2 billion) and investment income (P2.2 billion).

Meanwhile, the agency only incurred expenses worth P29.8 billion, resulting in a surplus.

Ferrer noted that administrative expenses this year was 22 percent lower- P1.8 billion from P2.2 billion the same period last year.

The official took over the leadership of PhilHealth after its previous head, Celestina Ma. Jude Dela Serna, faced allegations of corruption.

The Commission on Audit earlier questioned Dela Serna’s P627,000 travel expenses to and from Tagbilaran and Manila. This included flight costs, terminal fees, and hotel and lodging./

Dela Serna's travel expenses were criticized as these occurred while PhilHealth tallied a net income loss of P8.920 billion.