A total of P1.39 billion in pension benefits for additional Philippine National Police (PNP) retirees has been released by the Department of Budget and Management (DBM).
In a statement, DBM announced that the names of the retirees have already been cleared and verified for enrolment in the Land Bank’s Automated Teller Machine (ATM) system.
It added that of the amount, P715 million will cover the pension requirements of the additional 8,890 retired officials and personnel for the period of January to December 2013.
The department said that the remaining P675.5 million will support the adjustment of pension perks for 15,899 retired policemen, whose names were recently verified in the PNP’s retiree database.
The adjustment was based on the rates from the second tranche of the Salary Standardization Law III for January to December 2011, DBM said.
The department noted that as of May 6, 95 percent of the 63,550 entries in the PNP’s retiree database has been cleared and validated, in line with the Aquino administration’s goal to update the PNP retiree roster.
The DBM said that earlier this year, it had released P19.3 billion for the pension requirements of 54,660 PNP retirees for the period of January to December 2013, after their names were properly verified for enrolment into ATM accounts.
“Electronic banking doesn’t just facilitate the quick and efficient release of our retirees’ pensions. It also helps us preempt and avert irregularities that check payments are very prone to,” Abad further said.
DBM Secretary Florencio Abad noted that with ATMs, retirees are assured of the regular release of their pension payments.
MAYVELIN U. CARABALLO