Meanwhile, for those with 20 credited years of service, the same bill seeks to increase the pension from Php2,400 to Php5,000.
|Rep. Salvio Fortuno|
“However, due to the passage of years, the purchasing power has significantly eroded and this situation has caused tremendous economic pressures on our pensioners,” he added.
Fortuno furthered that a similar bill was approved during the Sixteenth Congress, but heeding the recommendation of the administrator of the pension fund, President Aquino vetoed the measure.
The bill is currently pending with the committee on Government Enterprises and Privatization.