The Philippines should brace for higher interest rates and a credit rating downgrade if the Social Security System (SSS) pension hike pushes through without remedial measures, the Department of Finance (DOF) claimed on Friday.
In a statement, Finance Secretary Carlos Dominguez 3rd said the Philippines’ stable interest rate regime could be threatened by the proposal of the Congress to increase the monthly pensions of SSS beneficiaries starting this January without a corresponding increase in members’ contributions.
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