President Ferdinand Marcos Jr’s Cabinet is planning to require active and incoming soldiers to contribute to their pension instead of the state fully funding it.
MANILA : Philippine Finance Secretary Benjamin Diokno warned of a"fiscal collapse” if the government does not overhaul its military pension system which he said is putting a strain on the national budget.
"We have to address the issue. It’s not sustainable. If this goes on, there will be a fiscal collapse,” Diokno said at a televised briefing. The military pension overhaul, which needs to be approved by lawmakers and has been discussed for years, is back at the forefront as the government tries to free up fiscal space after its budget deficit swelled to a record in 2021 due to a pandemic-driven spending spree.
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