EconomyEditor's PickRegulator orders PhilHealth to detail impact of rate hike freeze

January 5, 2023

THE regulator for state-owned firms has ordered the Philippine Health Insurance Corp. (PhilHealth) to submit an analysis of how a hike suspension will affect its financial standing and operations.  

The Governance Commission for GOCCs (GCG), which oversees government-owned and -controlled corporations (GOCCs), “strives to ensure that the GOCC sector, in this case PhilHealth, is fully compliant with the President’s directives,” the commission’s Chairman Alex L. Quiroz said in a statement on Thursday.

The GCG said that the requested data will be used as an additional resource for evaluating PhilHealth’s performance.

President Ferdinand R. Marcos, Jr. suspended the scheduled hike in public health insurance contributions this year amid rising prices and socioeconomic challenges.

PhilHealth was set to increase its premium rate to 4.5% from 4% to help fund the Universal Health Care Act.

By law, the premium rate should increase by 0.5 percentage points yearly starting from 3% in 2020 until it hits 5%.

The Home Development Mutual Fund or Pag-IBIG Fund, a government provider of mortgages, earlier this week confirmed that it is also not hiking its members’ contributions this year. — Luisa Maria Jacinta C. Jocson

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 SmartPeopleMail. All Rights Reserved.

Subscribe for FREE today and get your daily shot of smart news about the Economy and Investing.
We are dedicated to keeping any data we collect from you — safe and secure. Here you can read our privacy policy.