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Marcos vows tax system overhaul - BusinessWorld Online

Marcos vows tax system overhaul - BusinessWorld Online
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Ease of paying taxes bill in House priority list

Ease of paying taxes bill in House priority list
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Nationwide round-up (02/03/21) | BusinessWorld

ALBAY 2
nd District Rep. Rep. José María Clemente S. Salceda filed a bill on Wednesday that seeks to reform the pension system of uniformed personnel and address the ballooning liability, which currently stands at P9.6 trillion. Mr. Salceda filed House Bill No. 8593, titled Unified Military and Uniformed Services Personnel Separation, Retirement, and Pension Act. “P9.6 trillion is half of our GDP (gross domestic product). Any pension liability that covers half of your economy is trouble. And the problem will only get bigger if we don’t solve it now,” he said, citing the amount from a study by the Government Service Insurance System (GSIS). Mr. Salceda explained that the problem with pension costs for military and uniformed personnel (MUP) is that “there is no pension fund to speak of.” He added, “It’s always a budget item. It will eventually eat up the budget unless we can find ways to defer the liabilities and keep some funds in trust.” MUPs’ pensions are ....

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