The Department of Budget and Management (DBM) has greenlit the release of P14 billion to cover the regular pension requirements of military retirees for the period of July to September 2024.
The approval, granted on June 14, 2024, comes in response to the Department of National Defense (DND) – Armed Forces of the Philippines (AFP) General Headquarters' request for the necessary funds.
In a statement on Sunday, June 23, Budget Secretary Amenah F. Pangandaman said she is committed to ensure the timely disbursement of benefits to military retirees.
She added that the Marcos administration is dedicated to safeguard the welfare of those who have served the country.
"This approval underscores our unwavering commitment to our nation's defenders and our responsibility to protect their well-being. It is also a part of the vision for ‘Bagong Pilipinas’ that President Ferdinand R. Marcos Jr. is spearheading, where no Filipino is left behind," Pangandaman said.
The allocated budget of P14.046 billion will benefit a total of 139,172 pensioners, covering the requirements for the resumption, transfer, and restoration of pensions for military retirees and their legal beneficiaries.
The released funds will be charged against the Pension and Gratuity Fund under the 2024 General Appropriations Act.
This year, the government has earmarked approximately P164 billion for the pension and gratuity benefits of military and uniformed personnel (MUP), a 3.5 percent increase from the funding allocated in the previous year.
The Department of Finance is also working on reforming the MUP pension system following to enhance the sustainability and efficiency of the current pension framework.