DBM Allocates P14 Billion for Military Retirees’ Pension

MANILA

The Department of Budget and Management (DBM) has approved the release of PHP14.046 billion for the pension of military retirees covering the months of July to September 2024.

According to Philippines News Agency, Budget Secretary Pangandaman authorized the disbursement on June 14 following a request from the Department of National Defense – Armed Forces of the Philippines. This financial commitment will benefit 139,172 pensioners, addressing the resumption, transfer, and restoration of pensions for military retirees and their legal beneficiaries. The funds are allocated from the Pension and Gratuity Fund under the Fiscal Year 2024 General Appropriations Act. Secretary Pangandaman highlighted that this approval underscores the government’s effort to honor the sacrifices of Filipino soldiers.