Bilyonaryo - Business

DOF, GSIS consult Defense Secretary on military pension fund

June 20, 2023

Bilyonaryo.com

Defense Secretary Gilberto C. Teodoro, Jr. recently held a crucial meeting with representatives from the Department of Finance (DOF), Bureau of the Treasury, and Government Service Insurance System (GSIS) to discuss proposed reforms to the military and uniformed personnel (MUP) pension system.

The focus of the meeting was primarily centered on the governance structure of the pension fund.

In an official statement, the DOF highlighted the significance of determining an effective governance structure for the MUP pension fund.

Teodoro emphasized the importance of engaging expert fund managers with a proven track record of success. This factor emerged as a key aspect during the meeting, which took place on June 19.

Under the current proposal, the GSIS will take charge of managing the fund, with the establishment of an oversight committee. The committee will include prominent figures such as the Secretary of Finance, the Secretary of Budget and Management, the Executive Secretary, and the president and general manager of the GSIS, who will serve as ex-officio members.

Teodoro also noted the essential role of MUP contributions to the fund as an engine for national growth, provided that the fund is managed prudently.

Related News Tags: Bureau of the Treasury, Department of Finance, DOF, Gilberto C. Teodoro, Government Service Insurance System, GSIS

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