Despite former President Benigno Aquino III's interdiction on the proposed P2,000hike in the monthly pension of Social Security System (SSS) retirees, the proposal comes closer to reality after the House committee on government enterprises and privatization's approval on Wednesday.
Rep. Carlos Isagani Zarate of Bayan Muna party-list moved for the all-inclusive approval in regards the SSS pension increase during the hearing in which SSS officials were present.
SSS Vice President warned the lawmakers during the hearing that if the proposal becomes part of the law in the 17th Congress, the funds's statistical life expectancy will shrink from the projected 2042 to 2025.
Surigao del Sur Rep. Prospero Pichay have also spoken in regards the proposal saying the bill's popularity among voters must come second to consider the long run.
"This is a popular bill. If I’m running for senator, I will support this. But what's important is the survival of the fund," he said.
The former President interdicted the proposal saying the state pension fund would suffer a deficit of billions yearly if the pension becomes a law.
However, Zarate insisted on the proposal claiming that the increase in pension had long been awaited by senior citizens.
"We hope that the Senate version would also be expedited so that President Duterte can sign this long awaited measure before the year ends."
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