Senator Pia Cayetano, speaking at the year-end assembly of the Philippine Councilors League Cebu chapter in Cebu City, reassured local officials that the Philippine Health Insurance Corporation (PhilHealth) possesses ample financial resources to support the healthcare needs of their communities. The event, held on November 28, 2024, saw councilors from 44 municipalities and six component cities in attendance.
Cayetano highlighted PhilHealth’s capacity to handle zero-balance billing requests from councilors and mayors, emphasizing the organization’s financial strength. She credited the Sin Tax Reform Act of 2012, or Republic Act No. 10351, for boosting PhilHealth’s funds by taxing tobacco and alcohol, thereby reducing their consumption while enhancing public health funding.
The senator pointed out that current PhilHealth collections exceed their operational needs, stating, “Today, the collection for PhilHealth is more than they can handle. We have enough funds to answer for the medical services.” She stressed the importance of proper fund management to extend help to more people, reflecting on the financial constraints faced by PhilHealth and the Department of Health two decades ago before the Sin Tax Law’s implementation.
PhilHealth’s financial data for 2023 showed a total premium contribution of PHP224.9 billion, with PHP146.1 billion coming from private and government employees and informal sector workers, and PHP78.8 billion from indirect contributors like the indigent, senior citizens, and sponsored individuals. For 2024, contribution rates have been adjusted to 5 percent for employees and 9.5 percent for employers, up from the previous 4 percent.
Under the Universal Health Care Law, PhilHealth now provides coverage to all Filipinos through the National Health Insurance Program, ensuring comprehensive healthcare access across the nation.