MANILA, Philippines — The Philippine Health Insurance Corp. (PhilHealth) posted a net income of P32.84 billion last year – higher by P2.8 billion than 2020 and representing a growth of nine percent from the previous year.
In a report, PhilHealth said its revenues from health insurance contributions also grew by 15 percent, amounting to P171.17 billion.
PhilHealth noted that this is due to the increase in employed and self-paying/earning members of around seven percent, “coupled by relentless collection efforts and the launch of an online premium payment facility for self-paying members in its Member Portal.”
The agency said it received some P71.24 billion in national government subsidy for Indirect Contributors.
“All told, the intensified collection enabled PhilHealth to surpass its collection target by 10 percent,” it added.
In terms of expenditures, total benefit claims expense totaled P140.16 billion, representing an increase of almost P20 billion in additional claims – up by 16 percent compared to the previous year’s P120.9 billion.
The agency attributed the figures to the increased awareness on the various benefit packages available among members.
PhilHealth president and chief executive officer Dante Gierran maintained that while the state insurer’s “accomplishments speak volumes of our resolve to properly administer the National Health Insurance Program, it is our determination to provide better public service that carried us through a very tough 2021.”
Gierran encouraged members to continue investing for their health through PhilHealth.
In addition to COVID-19 benefit payouts, the statement showed that PhilHealth also made substantial claims payment for other health services such as inpatient and outpatient care, primary care benefits and Z Benefits availed of by its members and their qualified dependents.
“In total, contribution collections have still exceeded benefit payments by P31.01 billion, with PhilHealth paying 0.82 centavos in benefits for every P1 that it collected from the members,” Gierran said.
This, as PhilHealth also saw an increase in its investment income, earning a total of P9.5 billion which is eight percent higher than last year’s, exceeding target interest income by a 40 percent.
PhilHealth underscored that its total assets rose 27 percent, for a total of P347.48 billion, compared with P274.46 billion in 2020, “mainly due to increase in investments where receipts of national government subsidies and maturities were placed after considering funding requirements.”
The growth was driven by its investment portfolio worth P331 billion, which includes special savings deposits and time deposits amounting to P70 billion.These highly marketable assets can easily be liquidated and converted to cash in cases of unforeseen interruption to cash flow, according to the state insurer. The rest of the investments are in government and corporate bonds.
The statement showed that with its reserve funds at P177 billion – 25 percent more than in 2020 – “PhilHealth’s financial performance provides assurance of stable benefit payouts to its members here and abroad should any medical contingencies arise in the future.”