DOF: Doubled seniors pension to cost gov't ₱50B, won't happen in 2022

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Metro Manila (CNN Philippines, August 8) — Poor senior citizens won't be getting doubled pensions anytime soon as funding for it is not part of this year's spending program, the Department of Finance said Monday.

Speaking to CNN Philippines' One on One: The President's Men and Women, DOF chief Benjamin Diokno said the law increasing the amount indigent seniors receive from ₱500 to ₱1,000 will cost the government around ₱50 billion.

"Sen. Joel [Villanueva] is right: they don't know where we will get that kind of money. In that case, we will still go through the process of really clearing up the list of who should be entitled to this. The data is not very clean. We have to go through that process," Diokno explained.

"That will be addressed by the budget in future years, not this year because certainly that is not in the budget for this year," added the economic official.

RELATED: Senior Citizens Comm 'confident' on pension increase law funding 

The bill seeking the increase to indigent seniors' pension lapsed into law on July 30.

Now known as Republic Act 11916, it is estimated to cover around 4 million according to estimates.