NextGen Day

MANILA – The forthcoming 2024 national budget proposal, amounting to PHP5.768 trillion, has unveiled a substantial allocation of PHP49.81 billion dedicated to bolstering the social pension provisions for indigent senior citizens nationwide.

This proposed allocation marks a remarkable twofold increase compared to the PHP25.3 billion earmarked in the 2023 General Appropriations Act (GAA). The esteemed Budget Secretary, Amenah Pangandaman, announced the announcement during a comprehensive briefing at the House of Representatives conducted by the Development Budget Coordination Committee on Thursday.

Pangandaman elucidated, “In a momentous stride, the budget designated for the social pension program benefiting indigent senior citizens will ascend to PHP49.81 billion. This augmentation has been initiated to accommodate the escalated government monthly allowance of PHP1,000, intended for over 4 million indigent senior citizens who, thus far, have remained excluded from the existing pension framework.”

The pivotal Social Pension for Indigent Senior Citizens (SPIC) Program, inaugurated under the aegis of Republic Act (RA) 9994, popularly known as the Expanded Senior Citizens Act of 2010, extends a monthly stipend of PHP500 to the underprivileged senior members of the society.

The social pension scheme serves as an augment of governmental support, strategically devised to supplement the daily expenditures and medical requisites of destitute senior citizens, particularly those who are frail, infirm, or physically challenged. It encompasses individuals bereft of steady income, devoid of familial or relative assistance, and devoid of pensionary benefits from private or governmental institutions.

An instrumental amendment, RA 11916, also recognized as the Social Pension for Indigent Seniors Act, officially ratified into law on July 30, 2022, has effectuated the doubling of monthly pension disbursements from PHP500 to PHP1,000 per indigent senior beneficiary.

The prevailing year presents an invaluable opportunity, wherein approximately 4.1 million indigent senior citizens stand entitled to receive a cumulative social pension of PHP12,000 each, courtesy of the ratified PHP5.268 trillion national budget.

Notably, the proposed budget specifically allocated for the SPIC Program resonates within the ambit of the broader Social Services sector. This sector is poised to receive PHP2.183 trillion, constituting 37.9 percent of the total proposed allocation within the 2024 National Expenditure Program.

This budgetary allotment dovetails harmoniously with the overarching socioeconomic agenda championed by the administration led by the honorable President. This comprehensive eight-point agenda seeks to assuage inflation concerns by safeguarding the purchasing power of families and consumers. It also endeavors to counterbalance the socio-economic ramifications exacerbated by the pervasive impact of the ongoing global pandemic.

In a pioneering move towards fostering an inclusive and caring society, the allocation surge in the indigent senior citizens’ social pension fund underpins the administration’s resolute commitment to fortifying the foundations of social security and uplifting the vulnerable segments of the populace.

This landmark augmentation, characterized by its unwavering dedication to enhancing the well-being of the elderly, aligns seamlessly with the overarching mission of ensuring that senior citizens, who have played an integral role in shaping our society, enjoy their golden years with dignity and security.

As the nation witnesses this crucial financial milestone, it is a testament to the administration’s unwavering resolve to implement policies prioritizing the welfare and empowerment of every citizen, especially those who have contributed significantly to the nation’s growth but now require a compassionate hand for support.

In conclusion, the monumental increase in the indigent senior citizens’ social pension allocation, set to be enshrined within the forthcoming 2024 national budget, stands as a testament to the government’s commitment to providing a secure and dignified life for those who laid the foundations of our society. This financial infusion reflects the nation’s evolving commitment to social welfare and inclusion, emboldening its journey toward a brighter, more equitable future for all. 🌟🇵🇭

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