The Economy Commission is preparing to debate the seventh withdrawal of funds from the AFPs.

The Economy, Banking, and Finance Committee of Congress is preparing to debate and vote tomorrow on the possible seventh withdrawal of funds from pension funds (AFP), a measure that has sparked intense debate in the country's political and economic scene. Who will be able to access this withdrawal, and what is the justification behind this proposal? According to the committee's president, César Revilla, they will discuss a preliminary draft that includes a comprehensive reform of the pension system, along with the proposal for the seventh withdrawal of up to four UIT, which is equivalent to S/ 20,600. Congressman José Luna Gálvez detailed that initially, it is proposed that this withdrawal be allowed only for affiliates who have not made contributions for at least six consecutive months until December 31, 2023, excluding those who qualify for the Early Retirement Regime due to Unemployment (REJA). However, Luna also proposes that all affiliates be able to access a withdrawal of up to four UIT. He argues that in a context of economic recession, citizens need to have access to their funds to meet the needs of their families and reactivate the economy. On the other hand, technical bodies such as the Superintendence of Banking, Insurance and Pension Funds (SBS), the Central Reserve Bank of Peru (BCRP), and the Ministry of Economy and Finance (MEF) have expressed opposition to this measure. They warn that it would affect the pension savings of affiliates and cause distortions in the country's financial markets. The debate on the seventh AFP fund withdrawal has generated divisions both in Congress and in the economic sphere. While some consider it a necessary measure to address the current crisis, others fear its potential long-term impacts on the pension system and the financial stability of the country. Amid these controversies, the final decision on this issue will rest with the Economy, Banking, and Finance Committee, which will need to carefully evaluate the arguments for and against before reaching a conclusion.