New Social Security System (SSS) Chairperson Amado Valdez supports the proposed P 2,000 pension increase, but at the same time, he sets a condition.
In his first press conference as SSS Head on Friday morning, he said, while he backs the plan, lawmakers must also state where the source of funding will come from.
He explained, “merely mandating to grant across-the-board pension increase without any mention of how exactly the system will sustain it over the long term may not suffice.”
It is estimated that P 56 billion is needed to fund the proposed pension hike on the first year of implementation alone.
There are 19 bills pending in Congress and Senate seeking pension reforms for SSS.
The House Committee on Government Enterprises and Privatization had previously approved the P 2,000 monthly increase for SSS pensioners.