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Sep 13, 2017 @ 13:02

Dominguez looking to sell BCDA assets to pay military pensions

 

The government is eyeing to sell properties owned by the Bases Conversion and Development Authority (BCDA) to help it catch up with pension payments for uniformed personnel.

Finance Secretary Carlos Dominguez III said he is considering to ask BCDA to auction off its idle assets in order to raise fresh funds to support military pensions under a problematic scheme that leaves the government paying more than expected.

“We are working with BCDA… it was set up basically to help modernize the military so we are discussing with them what kind of assets they can assign to cover these liabilities,” Dominguez said.

Offhand, the BCDA owns wide lots in Fort Magsaysay and Fort Bonifacio which could rake in money for the pension fund right before its administration is turned over to the Government Service Insurance System (GSIS).

GSIS Chairman Francisco Duque III said they would need at least P7 trillion to manage these pension payments on top of those paid to other government employees.

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