CEBU CITY, Cebu (PIA) -- The Philippine Health Insurance Corporation (Philhealth) in Region 7 highlighted the importance of social insurance among Filipinos amid reports of low insurance penetration in the country. Leonard Castañeda, chief insurance officer of Philhealth, said that according to surveys, Filipinos have the least number of insured individuals. “We are all aware that most Filipinos would prefer to buy gadgets over paying monthly insurance dues,” said Castañeda during the 2nd General Assembly of the Association of Government Information Officers in Region 7 in Cebu City. He explained that insurance provides financial protection or a safety net in case something bad happens. “One strategy that we have chosen to pursue in the Philippines is social health insurance. It is a compulsory scheme requiring contributions from the employee and the employers, both with government subsidies,” he said. Castañeda explained that having social health insurance is r...