GSIS to manage military pension fund: Diokno

ABS-CBN News

Posted at Sep 20 2017 03:30 PM | Updated as of Sep 20 2017 05:19 PM

The Government Service Insurance System (GSIS) building in Pasay. September 20, 2017. Jonathan Cellona ABS-CBN News

MANILA - The Government Service Insurance System will assume management of the military's pension fund, which has collapsed due to insufficient contributions, Budget Secretary Benjamin Diokno said Wednesday.

An inventory of the military pension fund's assets is underway to determine how much can be pledged to the GSIS, which handles the pension of all state workers, Diokno said.

Diokno said legislation was needed to compel active duty soldiers and policemen to contribute to their pension fund.

Security forces' failure to do so has cost taxpayers P90 billion in subsidies, he said. - report from Warren De Guzman, ABS-CBN News