Significance of affordable insurance products for FilipinosAs of 2018, nearly 17 percent of the Philippines’ population lived below the national poverty line. The number of Filipinos covered by any form of insurance, whether they were traditional insurance products or the newer insurance models, have been shaped by this economic reality. Filipinos belonging to low-income households, however, could turn to cheaper insurance products known as microinsurance. Microinsurance policies in the Philippines were mostly written by the Mutual Benefits Association (MBA). Paying sick benefits and furnishing financial support to MBA members while out of employment were two of the associations’ provisions. In a recent finding, the Mutual Benefits Associations (MBAs) issued premiums worth approximately 11 billion Philippine pesos for covering microinsurance needs.
To ensure that every Filipino has health insurance and would not suffer from a heavy financial burden in health spending, a national health insurance program called the Universal Health Care (UHC) Act was implemented by the Philippines’ government. As of 2018, an estimated 98 percent of the Philippines' population was covered by the national health insurance program. This was close to the goal of providing healthcare coverage for the entire population.