Budget Secretary Rolando Andaya Jr. said the department would release half of the P1 billion intended to cover retirement fund and other benefits to 8,956 World War II veterans and their dependents.

Andaya said the first batch of Notices of Cash Allocations (NCAs) would settle the payment of partial arrearages in old age pensions, death pensions, and education benefits of their dependents.

He assured the remaining half of the P1 billion funds would be released in the coming months to complete the payment.

Andaya said the P1 billion fund is part of the three-year payment scheme spread out this year to settle increasing pension arrearages that currently stands at P5.7 billion.

Records from the Philippine Veterans Affairs Office (PVAO) showed the P5.7 billion corresponds to the back pay covering the differential between the time the benefit was authorized and the time the pensioners receive their initial pension.

Of the P1 billion pension fund, R701.52 million would cover the payment of old age pension of some 5,487 veterans while P168.48 million will go to death pensions of some 3,475 veterans. The remaining P130 million will be used to pay some 5,237 school bills of the veterans’ dependents.

Reports said government owes the veterans some P42 billion in arrearages for the past 16 years. A veteran gets a monthly pension of P5,000.