Business

Dominguez prevails over Duterte in military pension plan

Here’s another proof of how much the President trusts his economic team.

Here’s another proof of how much the President trusts his economic team.

President Rodrigo Duterte has revealed that he initially wanted to let the Armed Forces to keep handling their own pension system, which will be funded by possibly leasing out Camp Aguinaldo to raise capital for benefit payments.

But Duterte revealed that he was countered by his right-hand man, Finance Secretary Carlos Dominguez III.

“The practice now is that they have their own managed by the Armed Forces. Problem is si Secretary Dominguez does not want it. I don’t know why but he says no,” Duterte said during his speech in Albay. “They must have their own GSIS and maybe for better management.”

Of course, Duterte gave way to Dominguez.

“Ang sabi niya hindi talaga pwede. That’s too big a money and it has to be managed by finance people,” the President said.

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