House panel approves proposed P2,000 hike in SSS pension 

The proposed P2,000-increase in the monthly pension of Social Security System (SSS) retirees, vetoed by former President Benigno Aquino III, inched closer to becoming a law in the 17th Congress on Wednesday after the House committee on government enterprises and privatization approved it.

House panel has approved bill increasing SSS retirees' monthly pension by P2,000

— Xianne Arcangel (@xianneangel) September 7, 2016

The panel approved Bayan Muna party-list Rep. Carlos Isagani Zarate’s motion for the omnibus approval of the 15 pending measures for the SSS pension hike during a hearing attended by state pension fund officials.

Aquino vetoed the proposed measure last January, saying the SSS would rack up a deficit of anywhere from P16 billion to P26 billion yearly if the proposed P2,000-increase in the pension of each retiree becomes a law.

The state pension fund is projected to shell out P56 billion each year for some 2 million pensioners if the bill is enacted.

During the hearing, SSS Vice President Gregory Ongkeko warned lawmakers that increasing the pension by P2,000 will shrink the fund’s actuarial life from 2042 to 2025.

Bayan Muna Rep. @kaloi_zarate, nag mosyon na para aprubahan ang lahat ng panukala para sa SSS pension increase. | via @wengsalvacion

— DZBB Super Radyo (@dzbb) September 7, 2016

Surigao del Sur Rep. Prospero Pichay said that while the bill might be popular among voters, it is more important to consider the state pension fund’s life.

“This is a popular bill. If I’m running for senator, I will support this. But what's important is the survival of the fund,” he said.

Zarate, one of the authors of the approved bill, expressed hope that the measure would be swiftly approved at the plenary following its passage at the committee level.

Ex-Pres. GMA, dumadalo sa pagdinig kaugnay ng SSS pension hike bill. | via @wengsalvacion pic.twitter.com/tMW05fgH5z

— DZBB Super Radyo (@dzbb) September 7, 2016

He said senior citizens have long been waiting for their pension to increase.

"We hope that the Senate version would also be expedited so that President Duterte can sign this long awaited measure before the year ends,” Zarate said.

Meanwhile, a version of the House bill in the Senate refiled by Sen. Antonio Trillanes IV last July has undergone first reading and was already referred to the committee on government corporations and public enterprise, and labor employment and human resource deployment.

The committee has yet to conduct hearings and come up with a committee report on the proposed measure. — with Mark Merueñas/VVP, GMA News