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March 01, 2024

DBM releases P1.08B COVID-19 compensation for health workers

The Department of Budget and Management (DBM) has released P1.08 billion to the Department of Health (DOH) for the grant of sickness and death benefits to public and private healthcare workers (HCWs) and non-HCWs who contracted COVID-19 in line of duty for this year.

Specifically, HCWs and non-HCWs who contracted mild or moderate COVID-19 infection will receive a compensation of P15,000 while those who fall under the severe or critical case will be compensated for PhP100,000.

On the other hand, P1 million has been allotted for the family of HCWs and non-HCWs who died due to COVID-19 while in line of duty.

The identification of COVID-19 classification of eligible HCWs and non-HCWs shall be based on the criteria set by the health department under DBM-DOH Joint Circular No. 2022-0002.

The funds were charged against the regular budget of the DOH under the FY 2022 General Appropriations Act.

Thus, the Health department will transfer the compensation to DOH-retained and corporate hospitals, DOH Treatment and Rehabilitation Centers, and Centers for Health Development, among other attached agencies and institutions.

The DBM will continue to ensure the timely and prudent approval of the budget releases to safeguard the welfare of the frontliners as the country bounces back from the impacts of the health crisis.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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