Minister of Economy and Finance Dulcidio De La Guardia presented to the National Assembly today the draft law that defines the sources of funding to increase pensions for retirees.

The law was recently approved by the Cabinet Council. It will raise revenue from tax increases on gambling and the extraction of non-metallic minerals.

The money will be used to increase the pensions offered by Social Security's Invalidity, Old Age and Death Program.

The tax increases will raise a projected $71 million a year. The increases will be between $50 and $20 a month for individuals.