Dominguez pushes anew for passage of key economic reform bills gmanetwork.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gmanetwork.com Daily Mail and Mail on Sunday newspapers.
Dynamic capital market developments spark optimism mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
The reforms initiated by the government to deepen the local capital markets will ensure the economy to emerge stronger and more resilient in the aftermath of the prolonged pandemic, the Duterte administration’s chief economic manager said. Finance Secretary Carlos Dominguez III said the proposed
March 15, 2021 | 8:05 pm Font Size
PHILIPPINE STAR/ MIGUEL DE GUZMAN
A BILL permitting pension benefits to transfer along with workers as they change jobs is expected to boost retirement packages and help develop the capital markets, economic managers said.
Finance Secretary Carlos G. Dominguez III said at a hearing of the House Committee on Banks and Financial Intermediaries that the pension system is greatly underdeveloped, with pension assets currently equivalent to 16% of gross domestic product. He said a more acceptable ratio would be 100%.
Mr. Dominguez added that the pension system’s deficiencies stem from the passage of the Retirement Pay law, the features of which limit the size of retirement packages.