The proposal seeks to address perennial issues hounding the current military and uniformed personnel pension system, which has strained government finances over the years
MANILA, Philippines – The House of Representatives passed on final reading a bill that seeks to reform the country’s generous pension system for military and uniformed personnel .
But the measure that passed the chamber has been watered down compared to the original proposal, which sought to include present retirees and active MUPs in the reforms.Under the approved measure, only new entrants will be required to contribute 9% of their monthly compensation to the fund, since proponents already dropped initial proposals to compel MUP in active service to contribute as well.
Funding sources would include capitalization, mandatory contributions, savings of the national government, unprogrammed appropriations, and investment income from the trust funds, among others.Must ReadThe bill has around 30 main authors, but listed first are Speaker Martin Romualdez, Tingog Representative Yedda Romualdez, Tingog Representative Jude Acidre, Majority Leader Mannix Dalipe, and Albay 2nd District Representative Joey Salceda.
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