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BusinessWorld May 27, 2021 | 6:45 pm In our column two weeks ago, “Imminent existential threat, or outright fiscal meltdown?” ( BusinessWorld, May 14, 2021) we indicated that unless the military and uniformed personnel pension system is overhauled, the sponsor of the bill, Albay Rep. Joey Salceda underestimated its outcome. It’s not just an existential threat, but rather an outright fiscal meltdown. There is another fiscal downside risk and the National Government’s (NG) response could be game changing. Starting next year, we might be seeing the initial implementation of the Supreme Court decision on the Mandanas-Garcia case. The ruling affirmed the increase in the share of the local government units (LGUs) in the NG’s revenues or the Internal Revenue Allotment (IRA).

United statesDiwac guinigundoBangko sentralRalph rectoWendel avisadoJoey salcedaSonny dominguezRosariog manasanFullness of christ international ministries in mandaluyongInternational monetary fundDuterte administrationBureau of internal revenueDevelopment budget coordination committeeSupreme courtPhilippine institute for development studiesNational government