House Appropriations committee chairman Rep. Zaldy Co on Wednesday said he and other House leaders are looking at government savings to help augment the military and uniformed personnel’s (MUP’s) pension fund.
“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,” he said in mixed Filipino.
Computations by the House of Representatives show government needs P3.6 trillion over the next 30 years to resolve the MUP’s pension due to backlogs and the growing number of retirees every year.
Co, who also represents Ako Bicol partylist in Congress, said House Speaker Martin Romualdez has given instructions for him and other House leaders to ensure the MUP pension is resolved within the year.
Earlier, the Speaker directed members of the House committees on Appropriations and Ways and Means to find ways to raise P120 billion for the pension fund.
“Speaker Martin’s position that this [MUP] can be done in installments and not as a one-time expense is well-taken,” he said. “We will not dilly-dally on this issue. We will find a solution this year,” Co said.
To help stop the ballooning MUP pension shortfall, Co is considering for the Government Service Insurance System (GSIS) to manage the fund.
Since 2006, the Department of Finance advised past Presidents to resolve the lack of pension of soldiers and policemen after the shutdown of the Retirement Savings and Benefits System (RSBS) due to corruption.
Last May, President Ferdinand Marcos Jr. pushed for “self-regenerating” pension plans for both the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) to avoid forestall a scenario in which funds are depleted.
The President asked Congress to look for funds to pay the military and pension.
Co agrees with President Marcos that such a fund be self-sustaining to avoid depletion and let it earn and grow beyond 30 years.
“It’s important to President Marcos, Speaker Martin, and myself that we take care of the well-being of our MUPs,” said the House Appropriations Committee chairman.
