Senate to conduct hearing on pension reforms for military, uniformed personnel

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Senate to conduct hearing on pension reforms for military, uniformed personnel

Arra Perez,

ABS-CBN News

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MANILA -- Sen. Jinggoy Estrada on Monday said he will schedule a hearing on the proposed measure implementing reforms on pensions for military and uniformed personnel.

Estrada in July 2022 filed Senate Bill No. 284 "providing for a unified system for separation, retirement, and pension of the military and uniformed personnel," creating a so-called Military and Uniform Personnel Retirement Fund Authority.

"I'm going to schedule a hearing on Monday morning. Medyo masalimuot ito. We have to act on this to stop the bleeding kasi according to Sec. Diokno, if hindi tayo gagawa ng paraan ngayon, baka magkaroon tayo ng fiscal collapse," he said.

The legislator admitted it would be challenging to pass the bill before the Senate adjourns.

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"We only have less than a month. Siguro by the year ends. Pero it's impossible naman for me to pass this bill naman before sine die, malabo yata iyan," he said.

Finance Secretary Benjamin Diokno earlier called for a separate retirement and pension fund for military uniformed personnel, as he described the current military pension system as a "big drain to the national budget."

Diokno said the government was estimated to spend P848.39 billion annually for the next 20 years to finance the current pension system.

He added that the accumulating pension liabilities will likely increase public debt by as much as 25 percent by 2030.

"Sadly, this is the only institution that does not contribute to our government, that does not remit... Kung pataas nang pataas ang sweldo, pataas din nang pataas iyong pension ko. So nagpa-pile na iyong utang ng gobyerno," Estrada said.

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