Pinoys’ out-of-pocket health spending now 17% By Cai U. Ordinario @caiordinario
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HE out-of-pocket spending of Filipino households nationwide posted a doubledigit increase in 2023, according to the latest data of the Philippine Statistics Authority (PSA). The PSA data showed out of pocket health expenses of Filipinos grew 17 percent, the fastest growth since 2014. The estimated total out-ofpocket house expenses are at P593.087 billion in 2023. The growth of out-of-pocket expenses was faster than the 11.3 percent growth of Household Final
Consumption Expenditure (HFCE) in current prices last year while the level of out-of-pocket expenses accounted for 3.2 percent of the P18.61 trillion HFCE. “These include the following— medicines, food supplements, curative and rehabilitative services, dental care, immunization services, diagnostic services, and other medical goods and services,” the PSA explained. The PSA noted that the Household out-of-pocket payment had the highest contribution among the health care financing schemes in 2023, with a 44.4-percent share to the total Current Health Expenditure (CHE).
This was followed by Government schemes and compulsory contributory health care financing schemes with 42.6 percent share; and Voluntary health care payment schemes with 13 percent. The country’s Total Health Expenditure (THE), at current prices, amounted to P1.44 trillion in 2023, an increase of 17 percent from the P1.23-trillion expenditure in 2022. It accounted for a 5.9-percent share to the Gross Domestic Product in 2023. The CHE contributed 86.3 percent to THE, while the Health Capital Formation Expenditure (HK) shared 13.7 percent in 2023. PSA said both CHE and HK re-
corded increases of 9.2 percent and 113.6 percent, respectively. On a per capita basis, health spending went up to P11,083 in 2023, an increase of 8.3 percent from the P10,238 expense in 2022. Last year, in a study on health expenses, the government’s think tank said out-of-pocket health costs remain a significant expense among households and are “expected to increase for the entire population” in the coming years. State-owned Philippine Institute for Development Studies (PIDS) said elderly, women, rural folks and poor Filipinos are the Continued on A
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Thursday, August 15, 2024 Vol. 19 No. 303
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JAPAN’S R&I UPGRADES PHL CREDIT RATING TO ABy Cai U. Ordinario
MEAGER BUDGET FOR MSME DRAWS FLAK FROM LAWMAKER
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HE country’s economic success and the government’s efforts to boost private investments were among the reasons cited by Japanbased credit rating agency Rating and Investment Information Inc. (R&I) to upgrade the Philippines’s credit rating on Wednesday. In a statement, R&I upgraded the country’s credit rating to Awith a stable outlook from the BBB+ rating handed down a year ago. The country’s foreign currency short-term debt rating was also upgraded to a-1 from a-2. The first A-level rating was received by the country from the Japan Credit Rating Agency (JCR) in 2020. The Department of Finance (DOF) said the country has successfully maintained its high investment-grade status across all major regional and international debt rating agencies. “Based on macroeconomic stability and high economic growth path as well as expected continuous improvement in fiscal balance, R&I has upgraded the Foreign Currency Issuer Rating to A-,” R&I said in a statement. With this, the Philippines now has the same rating as Thailand and has a better credit rating than Indonesia with its rating of BBB+ and Vietnam with BB+. The leaders in Southeast Asia are Singapore with a triple-A rating and Malaysia with AA-. “The Philippine economy will likely see stable growth and continuous improvement in the level of national income against the backdrop of active public and private sector investments, development of domestic business sectors such as business process outsourcing [BPO], and favorable demographics, among other elements,” Continued on A
By Andrea E. San Juan @andreasanjuan
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HE Philippines should also prioritize beefing up its local industries instead of solely focusing on attracting foreign investments, according to a lawmaker. Gabriela Rep. Arlene D. Brosas underscored this after flagging the “inadequate” budget earmarked for the micro, small and medium enterprises (MSMEs) for 2025.
“Is this enough? Let’s be real. The funds we will be allocating for our local industries?” the lawmaker said in Filipino at the Department of Trade and Industry’s (DTI) budget hearing before the House Committee on Appropriations on Wednesday. In response to the lawmaker’s query, DTI Acting Secretary Cristina Aldeguer-Roque responded, “Considering that it’s 99.5 percent of the busiSee “MSME,” A
2 new deals seen with Manila visit of Singapore’s president
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HE Philippines and Singapore will be forging two new bilateral agreements on labor and climate financing during the meeting of President Ferdinand Marcos and Singapore President Tharman Shanmugaratnam in Malacañang on Thursday. In a press statement, Presidential Communications Office (PCO) Secretary Cheloy V. Garafi l said the two state leaders will witness the signing of two Memorandum of Understanding (MOU) on the recruitment of Filipino healthcare workers and collaboration on climate financing. She said the government will
also explore other areas of cooperation with Singapore during Shanmugaratnam’s three day state visit in the Philippines. “The two countries will continue to undertake cooperation, in both bilateral and multilateral milieus, including in the fields of energy and healthcare, among others,” Garafil said. Shanmugaratnam will be in the country from August 15 to 17. Marcos extended the invitation for Singapore President Shanmugaratnam and Prime Minister Lawrence Wong to the Philippines last See “Singapore,” A
GOLDEN HOMECOMING
On Wednesday, August 14, 2024, Filipinos warmly welcomed Team Philippines back to home soil with a Heroes’ Parade celebrating the 2024 Paris Olympians. The jubilant procession began at Aliw Theater and ended at Rizal Memorial Coliseum, where a special program honored the athletes' achievements. Fresh off his historic double gold at the Paris Olympics, 24-year-old gymnast Carlos Yulo rode a float alongside fellow Olympians, marking the country’s grandest Olympic result in a century. The parade made a poignant stop through Leveriza, Manila—the neighborhood where Yulo grew up. Later on FB, Yulo thanked his father Mark Andrew Yulo, seen excitedly waving to Caloy from the crowd (right), as friends carried him. Caloy said, “Thank you so much Dad, I'm happy to see you there to support! I'm sorry I'm not that waving, a lot of people asked for autograph hehe See you soon Pa.” ROY DOMINGO/SCREENGRAB VIA RTVM
PESO EXCHANGE RATES US 57.1350 Q JAPAN 0.3890 Q UK 73.5099 Q HK 7.3373 Q SINGAPORE 43.3728 Q AUSTRALIA 37.8805 Q SAUDI ARABIA 15.2198 Q EU 62.8199 Q KOREA 0.0420 Q CHINA 7.9862 Source: BSP (August 14, 2024)