President Aquino witnesses signing of Memorandum of Agreement between DBM, DepEd and GSIS to restore benefits of teachers
President Benigno S. Aquino III witnessed the signing of a tripartite Memorandum of Agreement between the Departments of Budget and Management (DBM), Education (DepEd) and the Government Service Insurance System (GSIS) in ceremonies held in Malacañang on Tuesday.
The MoA, signed by Budget Secretary Florencio Abad, Education Secretary Armin Luistro and GSIS president and general manager Robert Vergara, aims to implement a realistic and equitable solution to the “chronic issue” of unpaid premiums by restoring the benefits of nearly 800,000 active and inactive employees of the DepEd since July 1997.
Under the agreement, the DBM will settle P6.92-billion of premium-in-arrears representing the government share and expedite payment by advancing P3.46-billion or half of the total amount. In return, the GSIS, through its Board of Trustees, will condone P14-billion of accrued interest as well as grant a five percent discount on the principal.
GSIS president and general manager Robert Vergara said that with the signing of this MoA, DepEd employees will soon enjoy a proportionate increase in their eligible benefits, higher loanable amounts and potentially, increased retirement benefits.
He added that retired and inactive employees of DepEd may also receive higher pensions as the GSIS will recalculate their benefits and refund any amount that was deducted and will adjust their pensions accordingly.
Joining the President were GSIS chairman Daniel Lacson, Jr., Senator Edgardo Angara, Manila 6th District Representative Rosenda Ocampo, and Alliance of Concerned Teachers Partylist Representative Antonio Tinio, among others.
Also present were Philippine Public School Teachers Association (PPSTA) president Mario Ramirez, DepEd-NEU national president Atty. Domingo Alidon and Manila Public School Teachers Association (MPSTA) president Benjamin Valbuena. PND (rck/11:34am) — with Act Abra, Act Surigao del Sur, Norie Sabayan and 46 others.
Tags: Alliance of Concerned Teachers-Philippines and ACT NCR Union.
By:QCPSTA and ACT PHILS…