The P4.1-trillion national budget for 2020 signed recently into law by President Rodrigo Duterte will be a positive for the country’s healthcare sector, Fitch Solutions Macro Research said in a report over the weekend.
The budget proposes a significant increase in funds allocated to the Department of Health, which will enable authorities to finance the expansion of the country’s health insurance scheme and upgrade medical facilities.
“… The 2020 budget for the Philippines will enhance healthcare access and with it, the commercial opportunities for pharmaceutical companies and healthcare providers,” the report said.
The 2020 national budget is 12 percent higher than the 2019 budget of P3.7 trillion. Of the amount, 38 percent was allotted for education, healthcare, housing and social welfare; 29 percent for infrastructure, tourism, trade, job generation and agriculture; and 11 percent for debt payments.
The bulk of the budget (P1.5 trillion) is earmarked for the social services sector, which will fund programs like the Universal Access to Quality Tertiary Education, basic education facilities program, the Universal Health Care program, the Pantawid Pamilyang Pilipino Program, and the Unconditional Cash Transfer Program.