Senator Jinggoy Estrada on Monday expressed optimism that the proposed invoice on the pension system of army and uniformed personnel (MUP) shall be enacted by the tip of 2023.
“Ang target ko dito by the year end, sana magkaroon na tayo ng batas,” Estrada, chairman of Senate protection panel, stated on the Kapihan sa Senado.
This, as he defined that the federal government would want to shell out round P200 billion per 12 months to shoulder the pension of the MUPs sans the regulation that can change the pension system.
Estrada additionally disclosed that he had proposed to the financial managers using properties owned by the Armed Forces of the Philippines Retirement and Separation Benefits System (RSBS) to enhance the pension funds.
“I have recommended to the economic managers, particularly sila National Treasurer, [Budget] Secretary [Amenah] Pangandaman, marami namang properties RSBS, they can sell it, they can lease it just to augment itong pension,” he stated.
The suggestion was made after AFP Chief of Staff Andres Centino knowledgeable him of the RSBS’ properties which could be leased.
Right now, Estrada stated he’s not eager on conducting one other listening to on the MUP pension reform payments, however he’ll proceed the consultations with the stakeholders, together with Defense Secretary Gilbert Teodoro Jr., Department of Finance, Department of Budget and Management and the companies that shall be affected by the proposed pension reforms.
“We will craft a bill which will be acceptable to everyone. Ayoko ng mayroong nagrereklamo,” he stated.
He stated the proposed 5% contribution for enlisted personnel which he thinks is “too high and burdensome” shall be among the many points to be threshed out.
But Estrada believes that the 9% contribution for brand spanking new entrants could be “feasible” and won’t discourage people who wish to be a part of the federal government forces.
Further, Estrada disclosed that the Government Service Insurance System (GSIS) has already agreed to handle the MUPs.
“Yun ang pinakaimportante sa akin. Kasi kung ibibigay sa ibang tao ‘yan baka malugi. So Ibigay natin sa may experience, sa expert. Dito sa GSIS,” he said.
Earlier, Estrada and Senator Francis Escudero called for a thorough study on the Marcos administration economic team’s proposal to have MUP contribute up to 9% of their monthly pay to their pension systems, citing the country’s present fiscal situation.
Defense Secretary Gilbert Teodoro, who was appointed to his submit earlier this month, stated President Ferdinand “Bongbong” Marcos Jr.’s first marching order was to proceed to reform the MUP pension system.
Marcos in May pushed for “self-regenerating” pension plans for each the Armed Forces of the Philippines AFP and the Philippine National Police (PNP) in an effort to keep away from a situation by which the funds could be depleted.
The financial workforce, headed by Finance Secretary Benjamin Diokno, had warned of the implications of the pension funds, with the overall yearly payouts anticipated to hit the P1-trillion mark by 2035 from P213 billion in 2023.
Under its proposal, a technical working group led by the DOF referred to as for MUP in energetic service to contribute 5% of their month-to-month pay, and new entrants to contribute 9% of their fundamental wage and longevity pay.—LDF, GMA Integrated News
Source: www.gmanetwork.com
