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Friday, February 23, 2024

Economic Team concludes consultative meetings on military pension reforms

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THE economic team has concluded its consultative meetings with the Armed Forces of the Philippines (AFP) on the proposed reforms on the military and uniformed personnel (MUP) pension fund, the Department of Finance (DOF) said on Thursday.

The DOF said the economic team conducted 13 consultative meetings with all the branches of the AFP from May 25 to June 21.

The economic team also visited the Philippine Military Academy (PMA) as well as the six unified commands of the AFP in Tarlac, Quezon, Cebu, Davao, Zamboanga, and Palawan, the DOF added.

Finance Undersecretary Maria Cielo D. Magno reiterated that the economic team’s goal is to have a “sustainable” pension system for the MUP.

Gusto nating alagaan ang ating mga sundalo [We want to take care of our soldiers] from the day they enter service up to their retirement,” Magno said in a statement on Thursday.

Department of National Defense (DND) Assistant Secretary Erik Lawrence Dy was quoted as saying that the department is “grateful” that the economic team is “working closely” with the military on the proposed reforms to the MUP pension.

“The economic team is now working with the DND and the AFP in refining the proposed pension system for the military personnel,” the DOF said.

“The key features of the proposal include a contributory system, annual review of the pension rate in lieu of indexation, and various pension options for retirement,” the DOF added.

The DOF noted that the economic team will continue its consultative meetings with the Philippine National Police and other uniformed personnel to discuss proposed reforms in their respective pension programs.

Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said the economic team plans to wrap up its consultations with all the quarters of MUP by the middle of next month.

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