MANILA, Philippines ? The Philippine Health Insurance Corporation might go bankrupt in the next seven years if the government fails to pay its P19.2 billion debt to the agency, an official said Wednesday.

In a hearing by the Senate health committee, PhilHealth vice president for actuary Nerissa Santiago revealed that the ?life of fund? of the agency would last only until 2016 the government settles its obligations.

?Based on our study as of 2008?without increasing the contribution rate?and considering the projections based on what we perceived would be the membership for the next 10 years or so, the life of the fund is only until 2016,? Santiago told the committee.

?Considering that we don't receive the arrears and also if we're not able to cover those who are in the informal sector , which as of now is under voluntary basis,? she added.

Santiago said PhilHealth must increase its premium contribution and improve its n collection to be able to address this problem.

Despite government?s failure to pay its obligations, committee chairman Senator Loren said government employees who are paying their counterpart share would still be covered by the insurance.

Employees paying their share of contributions can still avail of healthcare benefits as mandated by law, said Legarda, requesting a list of government institutions not remitting their share.