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Manila Bulletin devider Philippines devider National devider House appropriations chair Co eyes this funding source for MUP's pension

House appropriations chair Co eyes this funding source for MUP's pension

Published Jul 27, 2023 12:44 am
(MANILA BULLETIN)




Government savings could be tapped to fund the pension of military and uniformed personnel (MUP). Thus, said House Appropriations Committee Chairman Ako Bicol Party-list Rep. Zaldy Co as the chamber scrambles to find a way to sustain the pension ahead of the deliberations on the 2024 national budget. “Bago pa dumating ang hearings para sa 2024 national budget, hahanapan natin ng pagkukunan ng pondo ang pension ng ating mga sundalo, pulis, at iba pang uniformed personnel," Co said. (Before the hearings for the 2024 national budget, we will look at where we can source funds for the pension of our soldiers, policemen, and other uniformed personnel.) Computations by the House of Representatives showed that government needs P3.6 trillion in the next 30 years to resolve the problems of the MUP’s pension due to backlogs and the growing number of retirees every year.  That amount is over half of the current 2023 national budget. Co said House Speaker Martin Romualdez has instructed him and other House leaders to ensure that the problem of the MUP’s pension is resolved within the year., with the usage of government savings seen as the solution. Earlier, the Speaker directed members of the House Committees on Appropriation and Ways and Means to find ways to raise P120 billion this year for the MUP pension fund. “Maganda ang punto ni Speaker Martin na tingnan ito bilang installment at hindi isang bagsakang gastos," he said. (Speaker Martin’s position that this [MUP] can be done in installments and not as a one-time expense is well-taken.) “Hindi na natin patatagalin ito. Sosolusyunan natin ngayong taon (We will not dilly-dally on this issue. We will find a solution this year)," Co stressed. To stop the ballooning of the MUP’s pension shortfall, Co is also looking at the Government Service Insurance System (GSIS) to manage the fund. Since 2006, the Department of Finance (DOF) has advised past Presidents to find a resolution to the pension of soldiers and policemen after the shutdown of the Retirement Savings and Benefits System (RSBS) due to corruption. Co agrees with President Marcos that the MUP pension fund must self-generate to avoid depleting it, by letting it earn and grow beyond those 30 years.

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Ako Bicol party-list House of Representatives MUP zaldy co
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