MANILA, Philippines — The Department of Budget and Management said Tuesday there is an ongoing review for a proposed measure reforming the pension system for retired soldiers, particularly its implications on government resources.
At a press conference, acting Budget Secretary Wendel Avisado said an inter-agency committee composed of the DBM, Department of Finance, Bureau of the Treasury and Government Service Insurance System is tasked to review the military pension reform.
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“There is an ongoing effort to review this. We should wait as this is a national issue,” Avisado said, adding that the review will focus on the measure’s growing cost.
President Rodrigo Duterte in February certified as an urgent measure the Department of National Defense-backed Military and Uniformed Personnel Pension Reform bill, which suggests that pension payments for retirees will only start at the age of 60.
Last year, Duterte asked the DOF to fasttrack the creation of a masterplan to overhaul the military pension system while the government has yet to resolve the issue of ballooning military pension cost. — Ian Nicolas Cigaral