(PN file photo)

The Department of Budget and Management (DBM) has approved the release of PHP14.046 billion to cover the regular pension requirements of military retirees for the period of July to September 2024.

Budget Secretary Pangandaman approved the request of the Department of National Defense – Armed Forces of the Philippines for the release of funds on June 14, the DBM said in a news release Sunday.

Pangandaman said the approval demonstrates the government’s dedication to honor the service and sacrifice of Filipino soldiers.

The funding is set to benefit 139,172 pensioners, including the requirements for the resumption, transfer and restoration of pension of military retirees and their legal beneficiaries.

The funds will be charged against the Pension and Gratuity Fund under the Fiscal Year 2024 General Appropriations Act. (PNA)