DAVAO CITY, Philippines – The Department of Budget and Management (DBM) has authorized the release of PHP 14.046 billion to cover the regular pension obligations of military retirees from July to September 2024.
Budget Secretary Pangandaman granted the Department of National Defense – Armed Forces of the Philippines’ request for funds on June 14, according to a DBM news release on Sunday.
Pangandaman emphasized that this approval underscores the government’s commitment to honoring the service and sacrifices of Filipino soldiers.
The allocated funds will benefit 139,172 pensioners, covering various requirements such as the resumption, transfer, and restoration of pensions for military retirees and their legal beneficiaries.
The disbursement will be sourced from the Pension and Gratuity Fund as stipulated in the Fiscal Year 2024 General Appropriations Act.
