Philippines. DOF backs planned overhaul of military pension system
The Department of Finance (DOF) will rally support this year for the passage of proposed reforms in the pension system of the military and uniformed personnel (MUP).
Finance Secretary Carlos Dominguez has directed the department’s Strategy, Economic and Results Group (SERG), led by Finance Assistant Secretary Juvy Danofrata, to assist the Treasury in gathering support from stakeholders and lawmakers for the revamp of the MUP pension system.
“This year, Secretary Dominguez directed SERG to assist the Bureau of the Treasury (BTr) in providing and generating support for the DOF’s proposed reforms in the military and uniformed personnel pension system,” DOF said in a statement.
The SERG extends technical support to lawmakers in tax reform measures and in pandemic response measures such as the two Bayanihan laws and the Small Business Wage Subsidy Program.
The BTr, which led the drafting of the pension reform bill, said reforming the MUP pension system would ensure its fiscal stability while sustaining the provision of fair retirement benefits for those covered by the system.
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