Medicare Plus raising capital to P120 M

Health maintenance organization (HMO) provider Medicare Plus Inc. expects to end the year with a P120-million capital base to ensure compliance with the government's order to hike capitalization.

- LOUISE MAUREEN SIMEON

On the sidelines of the Medicare and the Public Safety Mutual Benefit Fund Inc. (PSMBFI) contract signing, Medicare president and CEO Jayjay Viray said the firm is in expansion mode and is more than ready to comply with the increase in the minimum paid-up capital.

“We have raised our capital to P120 million, but we are just waiting for the approval of the SEC (Securities and Exchange Commission),” Viray told reporters.

Currently, Medicare's capital stock is at P50 million. The additional P70 million came from one partner that the HMO allowed to come in.

“We're expecting to have it approved within the year. We don't see any reason (for the non-approval) because we complied with everything,” Viray said.