5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Stock

Bill increases healthcare budget allocation

by
July 16, 2025
in Stock
0
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

Previous Post

US to set up boat facility in Palawan

Next Post

Crising may intensify into storm, hit northern Luzon by Friday — PAGASA

Next Post
Crising may intensify into storm, hit northern Luzon by Friday — PAGASA

Crising may intensify into storm, hit northern Luzon by Friday — PAGASA

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Indonesia-US trade deal poses competition challenges for PHL

    Indonesia-US trade deal poses competition challenges for PHL

    July 16, 2025
    PhilHealth rules out contribution rate hike after loss of subsidies

    PhilHealth rules out contribution rate hike after loss of subsidies

    July 16, 2025
    Green energy auctions seen on track despite ERC revamp

    Green energy auctions seen on track despite ERC revamp

    July 16, 2025
    Council approves O&M deal for North-South rail project

    Council approves O&M deal for North-South rail project

    July 16, 2025

    Disclaimer: 5GInvestmentNews.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.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.