The WTW Global Medical Trends Survey found that health care benefit costs in the Philippines are expected to rise by 18.3 percent this year, the second highest growth in the Asia-Pacific, next to Indonesia where medical costs are projected to go up by 19.4 percent.
While the projected growth in health care benefit costs in the Philippines for this year is lower than the 19.3 percent in 2024, WTW expects the rate to remain elevated over the longer term.
Increased use of health services, rising hospital and clinic costs, as well as higher professional fees and frequency of diseases were cited as factors driving up medical costs in the country.
WTW said losses incurred by the health maintenance organization (HMO) industry in the Philippines nearly tripled to P4.269 billion in 2023 from P1.433 billion in 2022 due to the substantial increase in claims and benefits paid.
This story is from the January 07, 2025 edition of The Philippine Star.
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This story is from the January 07, 2025 edition of The Philippine Star.
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