PhilHealth on the brink of bankruptcy?

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The Philippine Health Insurance Corporation (PhilHealth), the national health insurance program for Filipinos, is said to be in trouble. A news article in Pilipino Star Ngayon said that an investigation of the financial status of the insurance company is underway.  This was ordered after it released a controversial circular regarding its new payment scheme which revised the LGU PhilHealth contributions by 100% (from P1,200 to P2400/member/year).  The new payment scheme will be effective starting July this year.

The drastic order to increase contributions may speak of the current financial status of the company.  Authorities suggested that the financial status of PhilHealth must be investigated after over P100 Million funds was reportedly lost to the private institution handling its finances.

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