May 2023
15May

Philippines. Millions sans pension a ‘ticking time bomb’

The massive protests over the highly unpopular legislation that France passed, raising its retirement age from 62 to 64 to save its pension system, may be a window to a similar future in the Philippines, with its own “ticking time bomb” in its pension scheme. University of the Philippines School of Labor and Industrial Relations (UP-SOLAIR) professor Emily Christi A. Cabegin warned of this scenario, where the government may have to spend millions of pesos to take care of thousands...

May 15, 2023
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November 2022
11Nov

Future-Proof Work? The Experiences of Gig Economy Workers in the Philippines

By Christopher Ed Caboverde & John Paul Flaminiano The COVID-19 pandemic caused massive disruptions in the job market. This also puts the "gig economy" in the spotlight since many workers are seeing it as a viable career option, and are considering leaving their 9-to-5 jobs to pursue a career there. Even before the pandemic, the gig economy forms a significant portion of the workforce in different countries. This paper aims to understand the journey and experiences of location-dependent and purely...

November 11, 2022
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September 2022
05Sep

Philippines. Reforming the private pension system

The Philippine private pension system has serious flaws that need to be fixed. It is not portable, not funded, not adequate, not actuarially fair, not sustainable. As a consequence, it does not ensure the continued well-being or provide a comfortable living for our retirees, especially future retirees coming from the millennial workforce and the next generation. Based on a 2018 study by the Philippine Institute for Development Studies (PIDS), the Philippines will be an ‘aging population’ by 2032 when 7...

September 5, 2022
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August 2022
18Aug

Philippines has little time to address aging population – Pupulation Commission

The government should start investing on long-term programs to manage the increasing number of senior citizens in the country, particularly on health-care and employment opportunities, the Commission on Population and Development (Popcom) executive director said on Wednesday. “What we need are programs to achieve active and healthy aging, including community-based rehabilitation programs. We also need programs for geriatric care … Eventually, if there are really growing numbers, let’s say beyond 10 million population, we also have to develop programs for...

August 18, 2022
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May 2021
10May

Philippines. DOF backs planned overhaul of military pension system

The Department of Finance (DOF) will rally support this year for the passage of proposed reforms in the pension system of the military and uniformed personnel (MUP). Finance Secretary Carlos Dominguez has directed the department’s Strategy, Economic and Results Group (SERG), led by Finance Assistant Secretary Juvy Danofrata, to assist the Treasury in gathering support from stakeholders and lawmakers for the revamp of the MUP pension system. “This year, Secretary Dominguez directed SERG to assist the Bureau of the Treasury (BTr)...

May 10, 2021
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March 2021
16Mar

Philippines. House panel pitches change in private retirement system

THE House Committee on Banks and Financial Intermediaries on Monday started deliberating the proposed Capital Market Development Act to establish a new private retirement and pension system in the country. However, Labor Secretary Silvestre Bello III quickly told the committee that while the Department of Labor and Employment (DOLE) lauded the intent of House Bill 8939, the costs to be shouldered by both employers and workers may not be generally welcomed, especially at a time when most people are still...

March 16, 2021
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September 2020

08Sep

Philippines. 80% of senior citizens have no mandatory pension —Diokno

A huge majority of elderly Filipinos have no pension or retirement fund, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Tuesday. “Based on the latest report of the Philippine Statistics Authority, the Philippines has around 7.6 million Filipinos aged 60 years old and above,” Diokno said during the virtual launch of the digital Personal Equity Retirement Account (PERA), an investment tool for retirement. “Of this group, only 20% are covered by either SSS (Social Security System) or GSIS (Government...

September 8, 2020
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August 2020

24Aug

Philippines. Dominguez pushes for reforms in corporate pension system

The Capital Market Development Council chaired by Finance Secretary Carlos Dominguez III is considering reforms in the corporate pension system, including the recommendation by the Fund Managers Association of the Philippines to require the partial or full funding requirement of retirement plans for private sector workers. Dominguez said over the weekend the council consulted the Department of Labor and Employment on FMAP’s recommendation. He said the recommendation would help provide sufficient funds for the pension or retirement plans...

August 24, 2020
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November 2019

08Nov

Philippines. Social pension and our senior citizens

A hallmark of Filipino culture is how we treat our elderly with respect and utmost care. Indeed, it is normal for a family to have at least one grandparent living with them—and if not living with them, then frequently visiting to make sure the children and grandchildren are doing well. With this in mind, the government recognizes that the welfare of senior citizens can be a challenge for many families. That is why there is a need for...

November 8, 2019
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February 2019

25Feb

Philippines. Revitalizing retirement, pensions and social security

If we evolve our thinking about social security, pension, retirement and voluntary savings, could we deliver better socio-economic outcomes for the Philippines and better financial well-being for millions of Filipinos? SUSTAINABLE ECONOMIC PROSPERITY REQUIRES A MATURE CAPITAL MARKET FUELED BY SAVINGS The Philippines has been experiencing a long period of unprecedented growth and prosperity. At the same time, its young population offers a temporary demographic dividend. However, the capital needed for infrastructure to further spur the country’s economic growth is...

February 25, 2019
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