QUEZON CITY -- House Speaker Ferdinand Martin Romualdez assured the military and uniformed personnel (MUP) that the P120 billion needed for the pension fund of soldiers, policemen, and other uniformed personnel will be resolved this year.

Romualdez had directed the members of the House Committee on Appropriation and the Ways and Means Committee to find ways to raise P120 billion this year for the MUP pension fund.

He said the government needs P120 billion annually or P3.6 trillion for the next 30 years to resolve the problems of the MUP like the backlog and the growing number of retirees every year.

Romuladez said this fund must self-generate like President Marcos said to avoid depleting the pension fund and let it earn and grow beyond those 30 years.

“We have to take care of our troops and our uniformed personnel for they keep our nation and people safe every day,” said the House leader.

President Marcos had tasked Congress to search for funds to be allocated to pay the pension of the uniformed personnel.

Rep. Elizaldy Co of the AKO BICOL party-list group and chairman of the House Committee on Appropriations said the government should raise P120 billion each year for the next 30 years to address the problem of the pension of the MUP.

Co said the pension fund could be put up by using the savings of the government and reducing government spending through the scrapping of less important projects.

“For now we are looking na it’s the Government Service Insurance System (GSIS) that will manage the fund,” he said.

Co said that based on the computation that he and Albay 2nd District Rep. Joey Salceda, chairman of the House Ways and Means Committee, the government needs P3.6 trillion to resolve the MUP pension.

“Rest assured before the end of 2023, we will find a win-win solution for everyone,” he added.

The members of the Armed Forces of the Philippines and the Philippine National Police have earlier rejected the proposal of the Department of Finance (DOF) to deduct a portion of the salaries of MUPs to set up the pension fund.

The DOF had advised past Presidents since 2006 to find a resolution to the pension of soldiers and policemen after the shutdown of the Retirement Savings and Benefits System (RSBS) which was plagued by corruption. (HOR)