EXECUTIVE ORDER NO. 91
EXECUTIVE ORDER NO. 91 - CREATING A
PRESIDENTIAL RETIREMENT INCOME COMMISSION
WHEREAS,
there are at present various pension/retirement funds which contribute
to the functioning of the current Philippine retirement income systems;
WHEREAS, it is necessary to integrate the different pension/retirement
fund systems to make them more equitable, efficient, affordable and
financially sound; and
WHEREAS, to pursue the integration there is a need for the creation of
a government agency which will review the operation of the current
Philippine retirement income system and make recommendations for reform
and improvement of the pension fund systems.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby order:
Section 1. Creation of a Presidential Retirement
Income Commission. — There is hereby created a Presidential Retirement
Income Commission composed of not more than fifteen (15) members to be
appointed by the President representing labor, management, private
sector and the academe including representatives from the Department of
Finance, the Social Security System, Government Service Insurance
System, and the AFP Retirement and Separation Benefit System, Pag-Ibig,
Department of Labor, Bureau of Internal Revenue, Department of Social
Welfare and Development and the voluntary occupational pension system.
Sec. 2. Functions and Powers. — The Commission
shall have the following functions and powers:
a)
Assess the operation of the current retirement income system to focus
on the coverage of the major components of the system; the level of
benefits the system is likely to produce for different workers retiring
in the future; the projected cost of each element of the system and of
the system as a whole; the impact of SSS minimum benefits; the adequacy
of the current safety net programs of assistance to the elderly poor;
and adequacy of funding for retirement and pension systems.
b) Develop a
shared vision of the basic scope and structure of the retirement income
system, to include desired targets for income replacement and aggregate
cost for the system; appropriate division of responsibility between
government and private institutions and between mandatory and voluntary
programs in the operation of the retirement system; and the allocation
of the system’s costs;
c) Develop a
more specific approaches in structuring the SSS and GSIS programs to
provide a first pillar base for a more equitable, efficient,
affordable, and incentive-compatible defined-benefit pension plan;
d) Assess
alternative approaches in creating both a funded, second pillar and an
improved safety net program for low income retirees; and
e) Review
options for shifting a portion of the responsibility for assuring a
minimum standard of living to the aged and disabled to programs that
are more directly targeted on the needy and are financed through the
government budget.
Sec. 3. Time Frame. — The Commission will submit
an interim report and a final report. The interim report will outline
the current status of the retirement income system and discuss areas
needing improvement to be issued by September 1, 1999. The final report
will detail the Commission’s recommendation for change to be issued by
February 1, 2000.
Sec. 4. Effectivity. — This Executive Order shall
take effect immediately.
DONE in the City of Manila,
this 6th day of April, in the year of Our Lord, nineteen hundred and
ninety-nine.
chan
robles virtual law librar
Back to Main
chan
robles virtual law library
Since 19.07.98.