MANILA, Philippines (The Adobo Chronicles) – Throughout his almost six years in office, President NoyNoy Aquino has been touting the economic accomplishments of his administration and has constantly proclaimed that the Philippines is no longer “The Sick Man of Asia.” Rather, he says, it is “The New Darling of Asia.”
Today, Aquino admitted that he had lied to the Filipino people.
Aquino’s admission came in the wake of intense criticism regarding his veto of a new law that would increase social security pensions to Filipinos by P2,000. The current maximum monthly retirement benefits for those who have worked for at least 20 years is P2,400 (in US Dollar equivalent, that’s about $51).
Aquino said the proposed increase would result in a negative income for the Social Security System (SSS), adding that the passage of the bill would force the agency to use the Investment Reserve Fund (IRF) to fund the pension increase. He said this would result in the IRF reaching zero by 2029.
“I apologize for misleading my bosses (the Filipinos). My intention was merely to make my administration look good, especially in the eyes of foreign investors. I hope you can all forgive me,” Aquino said.
To show to the people that he is heartfelt with his apology, he promised to waive his P8,000 monthly pension for life as a former president. Aquino’s 6-year-term ends in June after his successor is elected in the presidential elections this May.