Tag: FP

Senate Committee Hearing on MUP Concerns

Sen. Lacson’s Opening Statement at the Hearing

Good morning, everyone.

As a refresher, allow me to briefly recount where we left off after the Joint Committee Hearing that we conducted last February of 2021, pertaining to the proposed measures that seek to address the pressing concerns from the ballooning pension requirements of our Military and Uniformed Personnel (MUP).

Before the suspension of the said hearing, the Committee had requested the following:

1. For various MUPs to submit to the Government Service Insurance System (GSIS) the necessary data with respect to the new entrants, so the latter will be able to update its actuarial study dated 05 January 2021; and

2. For the agencies to submit complete data on the real properties to aid the Bureau of Internal Revenue (BIR) in computing the total value of assets that may be considered in establishing the seed fund.

This Committee has been informed that, to date, the GSIS is yet to update its actuarial study due to either incomplete or delayed submission of some agencies. We can skip this for now as we were told the aggregate amount involved is not substantial enough to contribute to the reduction of subsidies coming from the GAA. Not to mention that the incomplete submission of data has already delayed the crafting of the committee report.

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