The Senate committee on national defense and security, peace, unification and reconciliation will tackle the measures seeking to reform the military and uniform personnel (MUP) pension system in May.
This was disclosed by Senator Jinggoy Estrada, the panel’s chairman, days after Finance Secretary Benjamin Diokno said that President Ferdinand “Bongbong” Marcos Jr. iswith the proposal to reform the pension system for the MUP as he warned that failure to address the ballooning cost of pensions for retirees could lead to a “fiscal collapse.”
Estrada said this proposed legislation will address the “fiscal hemorrhage” that the current pension system is causing to the country’s coffers. “It’s for this reason that we have laid down a proposal to provide a mechanism for our government to balance and sustain financial flexibility while also guaranteeing our men and women in uniform that the state can and will continue to provide suitable benefits and remuneration to them as there is a need to ensure and maintain a viable pension system,” he added.
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