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PhilHealth forecasts 'grim, dangerous' financial position in 2021 due to COVID crisis

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Katrina Domingo, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/tvpatrol/04/04/20190607-philhealth-qc3.jpg"/><figcaption>COVID-19 patients who have paid for their treatment can reimburse the costs from the PhilHealth, an agency official said. Mark Demayo, ABS-CBN News/file</figcaption></figure></div>MANILA - The Philippine Health Insurance Corporation (PhilHealth) on Tuesday said it expects to have a &quot;grim&quot; and &quot;dangerous&quot; financial position starting next year as it estimates to incur a deficit until 2024 due to the COVID pandemic.The PhilHealth expects to lose about P100 billion annually in the next 4 years, according to a graph presented during an online Joint Congressional Oversight Committee hearing.&quot;With COVID, we are projecting a deeper loss. Our reserves are going to take a hit,&quot; PhilHealth President Ricardo Morales told lawmakers during the virtual hearing.&quot;We will meet &#x27;yung mga benefit payment requirements for the entire year of 2020. But pagdating ng next year, delikado na ho. Our financial position will be very grim,&quot; Morales said.Aside from an increase in claims due to the coronavirus health crisis, sin tax collections - where part of the PhilHealth&#x27;s fund is sourced - have also dropped in the first 5 months of 2020.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/04/04/20/philhealth-to-shoulder-one-covid-19-patients-expenses-worth-p28-m-says-agency-chief">PhilHealth to shoulder one COVID-19 patient’s expenses worth P2.8-M, says agency chief</a></li></ul>&quot;&#x27;Yung sin taxes collection, bumagsak. Doon din tayo umaasa ng premium collection na binabayad sa subsidy at yung mga direct contributors... Since walang negosyo, bumagsak din yung kanilang capacity [to pay contributions],&quot; Morales said without citing figures.An initial P71 billion is earmarked for PhilHealth under the 2021 budget, said Johnry Castillo of the Department of Budget and Management.&quot;They will be given preferential attention. However, this will be subject to collections and the available fiscal space during 2021,&quot; Castillo said.&quot;But we cannot say for sure if this will be increased because it is still undergoing deliberations by economic managers,&quot; he said.PhilHealth officials have asked lawmakers to delay the implementation of the Universal Healthcare (UHC) Law as the agency tries to &quot;conserve&quot; its resources while weathering the crisis.&quot;We are trying everything to conserve our resources to be able to meet the health requirements of our citizenry,&quot; Morales said.&quot;We are still holding it together, so far,&quot; he said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/16/20/philhealth-seeks-delay-of-universal-healthcare-implementation">PhilHealth seeks delay of Universal Healthcare implementation</a></li></ul>

The Philippine Health Insurance Corporation (PhilHealth) on Tuesday said it expects to have a "grim" and "dangerous" financial position starting next year as it estimates to incur a deficit until 2024 due to the COVID pandemic.

The Philippine Health Insurance Corporation (PhilHealth) on Tuesday said it expects to have a "grim" and "dangerous" financial position starting next year as it estimates to incur a deficit until 2024 due to the COVID pandemic.

PhilHealth forecasts 'grim, dangerous' financial position in 2021 due to COVID crisis

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PhilHealth forecasts 'grim, dangerous' financial position in 2021 due to COVID crisis

Katrina Domingo,

ABS-CBN News

Published Jun 16, 2020 09:19 PM PHT

Read More:

PhilHealth

Philippine Health Insurance Corporation

Ricardo Morales

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coronavirus crisis

COVID-19

coronavirus

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