Health care, Bangsamoro laws among 2020 fiscal risksTHE interagency Development Budget Coordination Committee (DBCC) has flagged a number of measures and recently signed laws as the sources of fiscal risks for next year. In its “Fiscal Risks Statement 2020” released over the weekend, the DBCC warned that “[e]nrolled bills and pending legislative measures, among others, pose immediate issues with potentially far-reaching budgetary implications.” Those “with diminishing effects [on] the budget,” it said, are the Unified Military and Uniformed Services Personnel Separation, Retirement and Pension measure; Republic Act 11223, or “The Universal Health Care [UHC] Law;” RA 11054, or “The Bangsamoro Organic Law [BOL];” and the proposed lowering of the optional retirement age of civil servants to 56.The government is seeking a P4.1-trillion national budget for next year, an 11.8-percent increase from the P3.7 trillion allotted for 2019. According to the DBCC, the pension measure seeks to provide all military and uniformed personnel with adequate remuneration and benefits by revamping the current retirement benefits and pension scheme.“As was previously mentioned, it is worth noting that the current…scheme may result [in] ballooning pensions, and [the] passage of a bill reforming [the] scheme may not necessarily defuse the problem,” said the panel, made… Read full this story
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