A well-established result in the literature is that Social Security tends to reduce steady state welfare in a standard life cycle model. However, less is known about the historical effects of the program on agents who were alive when the program was adopted. In a computational life cycle model...

Since 2011, the government, through the Department of Social Welfare and Development (DSWD), has implemented the Social Pension (SocPen) Program which gives a noncontributory monthly pension of PHP 500 to qualified seniors, i.e., indigent Filipinos aged 60 and above. Initially, the DSWD had...