THE Department of Finance (DOF) assured security and defense officials and officers that they would have representation in the oversight committee of the proposed military and uniformed personnel (MUP) reformed pension system.
The DOF revealed that one of the new features of the proposed reforms to the MUP pension would be the inclusion of military and uniformed services representatives in the fund’s oversight committee.
The administration’s economic team held consultations with the Philippine Navy last week to discuss the proposed reforms to the MUP pension.
“As an additional feature to better manage the pension fund, representatives from the military and uniformed services will also be included in the oversight committee,” it said.
Deputy Treasurer Erwin D. Sta Ana assured officers from the Philippine Navy that there will be no co-mingling of funds among MUP and other funds being managed by the Government Service Insurance System (GSIS).
“Ang pinag-usapan ng economic team ay dapat po may sariling accounting ang MUP [Per the economic team’s discussion, MUP should have its own accounting system]. That there will be an accounting standard that will be employed just to make sure that there is proper recording of all these funds,” Sta. Ana said.
(What the economic team discussed is that there should be an individual accounting per MUP.)
In allaying concerns of uniformed personnel regarding possible “co-mingling” of funds, Finance Undersecretary Maria Luwalhati C. Dorotan Tiuseco explained that they would still be MUP pensioners and not GSIS pensioners.
The DOF noted that the MUP fund will just be managed by the GSIS and shall “remain strictly independent” from the pension of civilian government workers.
“Napaganda po ng track record nila [the GSIS]. Ang mission po ng GSIS ay papalaguin nila ang pondo ng fund. Pero hindi po kayo magiging GSIS pensioner, MUP pensioner pa rin po kayo,” Tiuseco said.
(GSIS has a good track record. The mission of GSIS is to grow the value of the fund. But you will not be a GSIS pensioner, you will remain as a MUP pensioner.)
“One of our goals is to make the pension fund sustainable to be able to make fiscal space for additional government support programs tulad ng housing, and better health and medical programs,” she said.
Last week, finance officials announced in a statement that government’s economists are introducing changes to proposed reforms in the pension of military and uniformed personnel following a meeting with defense and security officials. (Related story: https://businessmirror.com.ph/2023/06/05/dof-offers-3-options-in-pension-of-mups/)