Metro Manila (CNN Philippines, July affordable insurance premium, borrowers can save
30) — The Senate on Monday passed on third and
final reading a bill providing mandatory Philippine
Health Insurance Corp. or PhilHealth coverage to
persons with disabilities (PWDs).
Under Senate Bill No. 1391, which amended
Republic Act No. 7277 or the "Magna Carta for
Disabled Persons", PWDs will have automatic
enrollment and coverage in the country's National
Health Insurance Program.
Once signed into law, government will shoulder the
premium contributions of PWDs while the premium
contributions of those employed in the formal
economy will be paid by their employer and the
national government. The government will source
funds from sin tax collection.
This measure is an addition to the benefits currently
given to PWDs, which include 20 percent discount
on food and recreational establishments, dental
and medical services, public transportation, and
domestic trips, among others.
In a statement, Senator Risa Hontiveros, author of
the bill, called the passage "a big step towards our
dream of universal health care for all Filipinos."
"As we strive for universal health care, this
measure will help ensure that no one will be left
behind," Hontiveros said.
Citing a 2010 consensus, the Senator said there
are currently 1.4 million PWDs in the Philippines,
majority of whom are poor.
Hontiveros added that the rising costs of healthcare
services and products drive many PWDs into
poverty.
"Physical therapy, maintenance medicines, and
frequent doctors' appointments are just some of the
many sources of out-of-pocket expenses for PWDs.
These are not usually experienced by abled
Filipinos," she said.
MANILA, August 9 -- Pag-IBIG Fund
reduced the insurance premiums by 58
percent after it successfully concluded the bidding
for the Non-Life Insurance Coverage (Fire
and Other Allied Perils Insurance) broker for
housing loan borrowers.
With the new non-life insurance policy, Pag-IBIG
home loan borrowers can now enjoy more and
better benefits at a low premium rate.
“Following President Rodrigo Roa Duterte’s
directives to prioritize the needs of our citizens,
Pag-IBIG Fund reduced the rates of the non-life
insurance of home loan borrowers. With the more
on their monthly amortization which greatly
helps the housing sector’s BALAI Filipino (Building
Adequate, Livable, Affordable, and Inclusive
Filipino Communities) program in ensuring that
Filipinos will have access to affordable
homes,” said Sec. Eduardo D. Del Rosario,
Chairperson of the Housing and Urban
Development Coordinating Council (HUDCC) and
Pag-IBIG Fund Board of Trustees.
With the new non-life insurance broker, the basic
premium rates for fire and other allied perils have
been reduced to 0.1686 percent of the appraised
value of the building from the previous rate of 0.40
percent resulting in savings of about 58 percent.
For home loans of P 1 million, this means that the
premium payment has been reduced to only P117
from the previous P415. And for a home loan of
P450,000, the premium has been reduced to P79
from P186.
“We bid out the new insurance broker for the non-
life insurance last year and the contract was
awarded in January 2018. With the new broker, we
were able to reduce the rate by almost 60 percent.
We also introduced value-added services which
were not offered by the previous insurance
provider,” said Pag-IBIG CEO Acmad Rizaldy P.
Moti.
CEO Moti said that added benefits include: burial
benefit of P 5,000; rental allowance of up to P
15,000 if the mortgaged home is damaged and
becomes uninhabitable; family personal accident
insurance coverage with an aggregate amount of P
500,000; and sabotage or terrorism coverage of up
to P 150,000. Processing of claims will now also be
more efficient and completedwithin seven
days from the day of submission of complete
documents, down from the previous 30 day-
processing.
“Pag-IBIG Fund has always considered our
members’ benefit, and we will not cease in finding
ways to improve our service. The reduction of the
insurance premium rates for non-life insurance will
not only reduce the monthly amortization to be paid
by the borrowers but they also have added benefits
to enjoy. That’s what true Lingkod Pag-IBIG is,”
CEO Moti said. (Pag-IBIG)