Senators on Monday approved on the third and final reading a measure seeking the expanded coverage of monetary benefits to 80-year-old and 90-year-old Filipinos under the Centenarian Law.

The Senate Bill 2028 or Expanding the Coverage of the Centenarians Act, Filipino senior citizens living in the Philippines or abroad shall be granted P10,000 upon reaching 80 years old, P20,000 upon reaching 90 years old, and P100,000 upon reaching 100 years old.

The bill was sponsored by Senator Imee Marcos and introduced by Senate Minority Leader Aquilino "Koko" Pimentel III.

Marcos pegged life expectancy among Filipinos at 79 years for men and 83 years for women.

"The rising cost of living and healthcare expenses has made it very difficult for our senior citizens to afford basic necessities…it is hoped that more of our elderly population may be able to benefit from the Centenarians Act and that they may be inspired to further prolong and enjoy their lives even beyond a century," Marcos said.

Citing data from the Philippine Statistics Authority data, Senator Win Gatchalian said there were some 7.5 million senior citizens in the country in 2015, of which, around 10 percent or 790,000 were estimatedly aged 80 to 90 years old.

Once the measure is enacted, Gatchalian noted that senior citizens will be able to receive a cash gift, totaling P100,000 in three equal tranches.

Senator Ramon Revilla Jr., the bill's co-author and co-sponsor, said passage of the bill in the Senate serves as a testimony to the special Filipino culture of providing for the elderly.

Revilla noted the cash gift should be advanced "so that our elderly can still enjoy it as many beneficiaries are too old to enjoy the cash gift they receive."

Under the present law, only those who reach the age of 100 enjoy the benefit of the P100,000 cash gift.

The proposed measure stipulates that beneficiaries are eligible to receive their cash gifts within 1 year of reaching the ages of 80, 90, and 100.

The adjustment, to be determined by the National Economic and Development Authority, will be based on the average annual inflation in the preceding three years.

NEDA will be tasked to consider inflation when dividing the cash gift into three payments.

Gatchalian said the P100,000 cash gift, which will be equally distributed in three tranches to octogenarians, nonagenarians, and centenarians will help pay their living expenses, medicines, healthcare, and other necessities.

SB 2028 also mandates the Philippine Statistics Authority, in coordination with the Departments of Interior and Local Government, Information and Communications Technology, and the local government units, to establish a data management system recording relevant information of individuals covered by the Act.