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Philippines risks investment grade rating if it can't reform military pensions - finance chief

The Philippines risks losing its investment grade rating if it fails to reform an "unsustainable" military and uniformed personnel (MUP) pension system because it will constrain its ability to cut its debt and deficit, the finance secretary said. President Ferdinand Marcos Jr has made reforming the retirement system for service personnel a priority as his government seeks to consolidate its finances and free up resources to fund much-need infrastructure.[...]