PHIC bankrupt in 2027 if Pinoys don't pay more

Date Published:
The Inquirer reports: "The state-run Philippine Health Insurance Corp. (PhilHealth) may only last five years, or until 2027, if the Filipino taxpayer will not pay for life-saving subsidies and an increase in premium contributions despite the repeated findings of corruption by Congress and the judiciary."[1]On the other hand, CNN Philippines reports: "The Philippine Health Insurance Corporation's (PhilHealth) projected actuarial life is only until 2027, an official of the state health insurer told lawmakers during a House hearing on Friday. This is due to projected net losses, which PhilHealth Actuarial Service chief Nerissa Santiago said could reach ₱57 billion by the end of the year, due to the expected rise in the number of COVID-19 related claims."[2]

GMA News Online reports: "Santiago said this is only based on projections, noting that assumptions could be different from what will really transpire in the future."[3]

PhilHealth, or more technically known as the Philippine Health Insurance Corporation (PHIC), was created by Republic Act No. 7875 (National Health Insurance Act of 1995). Under Section 2 of said law, it is said: "Section II, Article XIII of the 1987 Constitution of the Republic of the Philippines declares that the State shall adopt an integrated and comprehensive approach to health development which shall endeavor to make essential goods, health and other social services available to all the people at affordable cost. Priority of the needs of the underprivileged, sick, elderly, disabled, women, and children shall be recognized. Likewise, it shall be the policy of the State to provide free medical care to paupers."

The same law established the "National Health Insurance Program," which is the compulsory health insurance program of the government which shall provide universal health insurance coverage and ensure affordable, acceptable, available and accessible health care services for all citizens of the Philippines.[4]
[1] PhilHealth has 5 years to live, exec claims. By: Cathrine Gonzales - Reporter / @cgonzales. INQINQUIRER.net. September 04, 2021. https://newsinfo.inquirer.net/1483219/philhealth-has-5-years-to-live-exec-claims#ixzz75b18hw6d.

[2] PhilHealth says actuarial life only until 2027. By Gerg Cahiles, CNN Philippines. Published Sep 3, 2021. https://cnnphilippines.com/news/2021/9/3/PhilHealth-actuarial-life-2027.html.

[3] PhilHealth actuarial life until 2027, executive tells House panel. By ANNA FELICIA BAJO, GMA News. Published September 3, 2021. https://www.gmanetwork.com/news/money/companies/802000/philhealth-actuarial-life-until-2027-executive-tells-house-panel/story.

[4] The PHIC law as amended by Republic Act No. 9241, February 10 2004.