From the Philippine News Agency (Jun 20, 2022): Economic team, defense chief Teodoro discuss MUP pension reform (By Anna Leah Gonzales)
File photo
MANILA – Members of the economic team have met with Department of National Defense (DND) Secretary Gilberto Teodoro Jr. to discuss the military and uniformed personnel (MUP) pension reform.
In a statement on Tuesday, the Department of Finance (DOF) said Teodoro referred to the MUP’s contributions to the fund as an engine for national growth provided that the fund is prudently managed.
DOF Undersecretaries Maria Cielo Magno and Maria Luwalhati Dorotan-Tiuseco, National Treasurer Rosalia de Leon, Deputy Treasurer Erwin Sta. Ana, and Government Service Insurance System (GSIS) senior vice president George Ongkeko Jr. on Monday attended the courtesy call in line with their efforts to craft a bill that will guarantee the sustainability of the MUP pension system.
In a Viber message to the Philippine News Agency (PNA), Tiuseco said discussions mostly revolved around the governance structure of the MUP pension fund.
"He wants us to focus on the governance structure. [He wants] expert fund managers with good track record subject to fit and proper rule [to handle the pension fund]," she said.
Tiuseco said Teodoro is amenable to the proposal that the fund will be managed by the GSIS.
"He wants GSIS to handle (it). The structure just has to be very clear," she added.
Under the current proposal, the fund will be managed by the GSIS and an oversight committee shall be formed composed of the Secretary of Finance, the Secretary of Budget and Management, the Executive Secretary, and the President and General Manager of the GSIS as ex-officio members, and representatives from the MUP services.
The economic team is set to continue dialogues with various MUP service representatives on the proposed governance structure to ensure optimal cash flows and proper representation of stakeholders.
To ensure a full understanding of the expected outcomes of the proposed reforms, the economic team will also provide the computations on the net take home pay, as well as the net payout of all retirement options.
The economic team has so far conducted 13 consultation sessions with seven MUP services.
The draft of the proposed bill is expected to be finished in time for the resumption of Congress’ session in July 2023.
https://www.pna.gov.ph/articles/1203882
In a statement on Tuesday, the Department of Finance (DOF) said Teodoro referred to the MUP’s contributions to the fund as an engine for national growth provided that the fund is prudently managed.
DOF Undersecretaries Maria Cielo Magno and Maria Luwalhati Dorotan-Tiuseco, National Treasurer Rosalia de Leon, Deputy Treasurer Erwin Sta. Ana, and Government Service Insurance System (GSIS) senior vice president George Ongkeko Jr. on Monday attended the courtesy call in line with their efforts to craft a bill that will guarantee the sustainability of the MUP pension system.
In a Viber message to the Philippine News Agency (PNA), Tiuseco said discussions mostly revolved around the governance structure of the MUP pension fund.
"He wants us to focus on the governance structure. [He wants] expert fund managers with good track record subject to fit and proper rule [to handle the pension fund]," she said.
Tiuseco said Teodoro is amenable to the proposal that the fund will be managed by the GSIS.
"He wants GSIS to handle (it). The structure just has to be very clear," she added.
Under the current proposal, the fund will be managed by the GSIS and an oversight committee shall be formed composed of the Secretary of Finance, the Secretary of Budget and Management, the Executive Secretary, and the President and General Manager of the GSIS as ex-officio members, and representatives from the MUP services.
The economic team is set to continue dialogues with various MUP service representatives on the proposed governance structure to ensure optimal cash flows and proper representation of stakeholders.
To ensure a full understanding of the expected outcomes of the proposed reforms, the economic team will also provide the computations on the net take home pay, as well as the net payout of all retirement options.
The economic team has so far conducted 13 consultation sessions with seven MUP services.
The draft of the proposed bill is expected to be finished in time for the resumption of Congress’ session in July 2023.
https://www.pna.gov.ph/articles/1203882
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