The proposed reform of the Military and Uniformed Personnel pension system will only apply to new entrants in the service to ease the ballooning budget burden of the government, the Department of National Defense disclosed Monday, Oct. 18.
“While the versions in Congress and Senate have yet to be finalized, the reform intends to control the looming P9.6 trillion worth of unfunded pension liabilities, which may continue to grow if the current scheme prevails,” Andolong said in a statement sent to reporters. According to the Government Service Insurance System , the MUP pension system currently has a P9.6 trillion unfunded reserve deficit and a total of P848.39 billion is needed annually to sustain it for the next 20 years based on the existing scheme.
Department of Finance Director Valery Joy Brion explained in a military-hosted radio interview that the Senate discussions on the proposed reform point to the creation of a dual pension structure which will “retain the present pension and retirement benefits system of currently active and retired personnel while applying the reform only to those who will enter the service upon the effectivity of the Act.
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