Amending Presidential Decree No. 361 Re The Armed Forces Of The Retirement And Separation Benefits System
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Amending Presidential Decree No. 361 Re The Armed Forces Of The Retirement And Separation Benefits System
Presidential Decree No. 1656
December 21, 1979
Case Overview and Summary
Summary of Presidential Decree No. 1656Amending the Armed Forces of the Philippines Retirement and Separation Benefits System
- Contribution to the System (Section 1):
• Officers and enlisted personnel in active service shall contribute 5% of their monthly base pay to the System.
• Contributions shall be deducted from their pay by the AFP and paid to the System.
• Upon separation or retirement, officers and enlisted personnel shall be refunded their contributions in one lump sum.
• Contributions shall be tax deductible for individual income tax purposes.
- Funding of the System (Section 2):
• The funds of the System shall be allowed to grow to provide perpetually the cash requirement for retirement and separation benefits payments on a self-sustaining basis.
• Prior to attaining perpetual self-sufficiency, the yearly requirement for retirement and separation benefits shall be included in and funded out of the annual appropriations for the AFP.
• Retirement and separation benefits shall be provided as per RA 340 (as amended), PD 1638 (as amended by PD 1650), and other similar laws.
- Effectivity (Section 3):
• This Decree shall take effect on January 1, 1980.
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Executive Issuances
Presidential Decrees
Armed Forces of the Philippines
Retirement Benefits
Separation Benefits
Contributions
Monthly Base Pay
Tax Deductible
Self-Sustaining Funds
Annual Appropriations
Effectivity Date
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Amending Presidential Decree No. 361 Re The Armed Forces Of The Retirement And Separation Benefits System
Presidential Decree No. 1656
•December 21, 1979
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1656
AMENDING PRESIDENTIAL DECREE NO. 361 RE THE ARMED FORCES OF THE RETIREMENT AND SEPARATION BENEFITS SYSTEM
WHEREAS, an Armed Forces Retirement and Separation Benefits System, for payment of retirement and separation benefits provided law to military members of the Armed Forces of the Philippines, was established pursuant to PD 361;
WHEREAS, the circumstances impinging on the military establishment have drastically changed since the promulgation of PD 361 and its full implementation if effected will cause the early collapse of the System; and
WHEREAS, it is necessary to amend certain provisions of PD 361 in order to perpetuate the actuarial solvency of the System, and guarantee to every military member of the AFP all the retirement and separation benefits due him under existing laws and such other similar laws as may hereafter be enacted;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following:
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