DBM OKs release of P1.6-B pension for military veterans

MANILA, Philippines - The Department of Budget and Management has approved the release of P1.59 billion to support the regular pension requirements of more than 200,000 military veterans for the fourth quarter of the year.

The money will benefit a total of 206,154 pensioners whose identities have been certified and validated by the Philippine Veterans Affairs Office (PVAO).

 â€œAside from the P7.94 billion we have released so far this year, this latest release supports the well-being of our military veterans and their families, ensuring that their pensions are well-provided for in the last quarter of the year,” Budget Secretary Florencio “Butch” Abad said.

Out of the 211,913 list of pensioners as of June 30, 2012, 174,279 matched with names both appearing in the PVAO and bank lists, while 37,634 accounts were classified “doubtful” because of the duplication of names and discrepancies in the account numbers assigned to some names.

A total of 31,875 additional pensioners were then validated by PVAO as active and valid, making the total number of validated pensioners to 206,154.