PhilHealth to release financial statement

To clear up issues over its funds, the Philippine Health Insurance Corp. (PhilHealth) will release a statement on its financial health showing adequate funds to pay all legitimate claims, Health Secretary Francisco Duque said yesterday.

Duque said PhilHealth will make open its financial records to be printed in various newspapers starting today detailing an increase in its funds in the past six years.

“We’ll release the financial statement na malaki na ang pondo (showing an increase in funds),” Duque said in the weekly radio program “Para Sa Iyo Bayan” of Vice President Noli de Castro.

Duque stressed there are no misplaced or missing funds in PhilHealth, downplaying reports that the institution was robbed of P4 billion in dubious and exorbitant claims.

“There was no loss of P4 billion. In fact the fund even grew bigger, which reflected the financial stability of PhilHealth,” Duque said.

Duque also pointed out the 70 percent satisfaction rating in a survey of the Social Weather Stations  (SWS) on PhilHealth.

He said PhilHealth posted an increase of P68 billion in funds from P34 billion in 2001.

PhilHealth CEO Valentin Guanio earlier said the institution remains financially stable with a very good cash flow and liquidity, which strengthens its ability to pay all benefit claims and other necessary funding requirements.

Guanio issued the statement after PhilHealth vice president Madeleine Valera revealed that dubious and exorbitant claims made by some medical practitioners practically robbed the institution of P4 billion.

Valera told a Senate hearing Tuesday that on top of P4 billion in dubious claims, the government has failed to remit P5 billion in premium payments.

PhilHealth said they are now  investigating a total of 217 fraudulent claims.