Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

Bill increases healthcare budget allocation

A CHAPEL was converted into an intensive care unit for coronavirus disease 2019 (COVID-19) patients as hospitals struggled with a surge in infections in August 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

A BILL seeking to allot at least 5% of the country’s gross domestic product (GDP) towards healthcare spending was filed at the House of Representatives on Wednesday.

Setting aside at least P1.3 trillion for public health spending could help improve the quality of government hospitals and clinics, helping boost healthcare accessibility nationwide, Party-list Reps. Antonio L. Tinio and Renee Louise M. Co said in the explanatory note of House Bill No. 1973.

Increasing funding for the health sector would also lead to lower out-of-pocket expenses for the hospitalization and medical needs of Filipinos, which currently rank the third highest in Southeast Asia, they added.

Just last week, Malacañang said President Ferdinand R. Marcos, Jr. is looking to reduce, if not eliminate, the out-of-pocket expense of Filipinos when they are hospitalized.

“The Philippines’ public spending on health, which was about 1.5% of the GDP, was much lower than that of Thailand, Vietnam, Singapore and Malaysia, which spent four times more,” they said in the bill.

The measure seeks to amend the 1997 Administrative Code by explicitly citing that 5% of the GDP should be spent on “public health expenditures.”

The 1987 Philippine Constitution mandates the government to “protect and promote” the right to health, while adopting an “integrated and comprehensive” approach towards health development, Mr. Tinio and Ms. Co said, citing it as the basis for their proposal.

The Congressional Policy and Budget Research Department said in a July report that almost half of Filipinos need to travel more than 30 minutes to access hospitals despite the implementation of the almost two-decade-old Health Facilities Enhancement Program.

Funding could be sourced by diverting “non-productive” government expenditures towards healthcare programs, citing debt servicing, secret funds, and discretionary allocations as potential sources of funds, they said.

“Progressive taxation like a wealth tax on the super-rich, as well as bigger taxes on big corporations can provide the needed additional funds,” they added.

Finance Secretary Ralph G. Recto last year said he is not keen on pushing for a wealth tax, as the Philippines already has enough duties.’

Mr. Tinio and Ms. Co also earlier proposed a measure seeking to set a spending floor of at least 6% for the education sector in a bid to improve the country’s schooling system. — Kenneth Christiane L. Basilio

    You May Also Like

    Finance

    Padel continues its meteoric rise, with more than 3,200 new clubs built globally in 2024 – the equivalent of one opening every two and...

    Finance

    Emma Gilthorpe, chief executive of Royal Mail, has stepped down from her role after just over a year in the job, marking the first...

    Stock Markets

    STOCK PHOTO | Image by Vecstock from Freepik By Ashley Erika O. Jose, Reporter THE P31.55-BILLION unsolicited proposal of ComClark Network and Technology Corp. for...

    Finance

    The UK jobs market posted a modest rise in new job adverts last month, suggesting early signs of resilience despite economic headwinds and growing...

    Disclaimer: CaptainOfSuccess.com, 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.