Top Story: President Ferdinand Marcos Jr. warns the pension fund of the country's military and uniformed personnel could be gone in five years. For more ANC Interviews, click the link below: For more Top Story videos, click the link below: For more ANC Highlights videos, click the link below: Subscribe to the ANC YouTube channel! Visit our website at Facebook: Twitter: #ANCNews #ANCHighlights #TopStory...(read more)
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Philippine President Ferdinand Marcos ruled the country for over two decades before his downfall in 1986. While he is known for a lot of things, one of his legacies has recently resurfaced: the potential depletion of the pension fund of military and uniformed personnel. According to a recent report from the Government Service Insurance System (GSIS), the pension fund for the military and uniformed personnel could be depleted in the next 5-6 years. This is due to the increasing number of retirees and pensioners, as well as the government's delayed contributions. The pension fund, known as the Military and Uniformed Personnel's Savings and Loan Association, is the retirement benefit system for military and uniformed personnel such as police officers, soldiers, and firefighters. It was created during Marcos' regime in 1978 to ensure the financial security of these personnel after retirement. However, the GSIS report revealed that the current contribution rate of 9 percent is not enough to cover the increasing number of retirees and pensioners. The report also mentioned that the government has been slow in paying its share, with arrears amounting to almost P6 billion as of December 2020. This issue has sparked concern among the military and uniformed personnel, who rely on the pension fund as their primary source of income after retirement. Some fear that they may be left without any financial support if the fund is depleted. The government has responded to these concerns by assuring the public that they are working to address the issue. In a statement, Budget Secretary Wendel Avisado said that the government is committed to ensuring the financial stability of the fund and that they are exploring different avenues to address the issue. Despite these promises, some have criticized the government for their inaction, stating that they should have addressed this issue years ago. The issue of delayed contributions has been ongoing since 2011, with the government's debts to the pension fund steadily increasing over the years. The potential depletion of the pension fund for military and uniformed personnel is a serious issue that needs to be addressed urgently. The government must take immediate action to ensure the financial security of those who have dedicated their lives to serving and protecting the country. While Marcos' legacy may still be felt in many aspects of Philippine society, his handling of this pension fund has left a lasting and troubling legacy for those who have served their country. https://inflationprotection.org/anc-military-and-uniformed-personnel-pension-fund-could-run-out-in-five-to-six-years-says-marcos/?feed_id=105288&_unique_id=6480921b57cc6 #Inflation #Retirement #GoldIRA #Wealth #Investing #philippines #05212023ANC #ABSCBN #ABSCBNNews #ABSCBNNewsChannel #ABSCBNPhilippines #ANC #ANCLatestNews #ANCNews #ANCPhNews #ANCShows #bbm #FerdinandMarcosJr. #formatdigital #formatreport #Fund #latestnewsupdate #May212023 #military #militarypensionfund #newsupdate #pension #pensionfund #pensionfundofmilitaryanduniformedpersonnel #recentnews #seriesTopStory #typebroadcast #uniformedpersonnel #uniformedpersonnelpensionfund #YT0psRebecca #RetirementPension #philippines #05212023ANC #ABSCBN #ABSCBNNews #ABSCBNNewsChannel #ABSCBNPhilippines #ANC #ANCLatestNews #ANCNews #ANCPhNews #ANCShows #bbm #FerdinandMarcosJr. #formatdigital #formatreport #Fund #latestnewsupdate #May212023 #military #militarypensionfund #newsupdate #pension #pensionfund #pensionfundofmilitaryanduniformedpersonnel #recentnews #seriesTopStory #typebroadcast #uniformedpersonnel #uniformedpersonnelpensionfund #YT0psRebecca
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