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Manila Bulletin devider Business devider PERA contributions reach P330 M -- BSP

PERA contributions reach P330 M -- BSP

Published Feb 14, 2023 01:45 pm

The Bangko Sentral ng Pilipinas (BSP) said contributions to the Personal Equity and Retirement Account (PERA) reached P329.55 million in 2022, up 30 percent from P253.35 million in 2021.

As of end-December last year, PERA registered 5,100 contributors, 16 percent higher from 4,382 in 2021. PERA is the government’s voluntary retirement savings program.

The BSP said on Tuesday, Feb. 14, that of the total P329.55 million, about P223.71 million were investments by 3,600 employed individuals. Meanwhile, 785 self-employed individuals contributed P45.25 million while 721 overseas Filipino workers invested P60.58 million.

The BSP reiterated that PERA is a “superior retirement savings option” because of the tax benefits and tax exemptions on earnings from PERA investments.

Money/File (Manila Bulletin article)

It offers a five percent tax credit on the PERA contribution that can be used to pay for national income tax liabilities and a tax-free distribution on qualified withdrawal of PERA investments, said the BSP.

Anyone with a Tax Identification Number can be a PERA contributor. An individual can contribute up to P100,000 while overseas Filipinos can participate by as much as P200,000 annually. By the time the contributor reaches 55 years old and have invested in PERA for at least five years, they can redeem the PERA investment tax-free.

Income earned from PERA investments is exempted from final withholding, capital gains and regular income tax.

PERA contributors are also entitled to a five percent tax credit on contributions while qualified PERA withdrawals are not subject to taxes. In addition, in case of the death of the contributor, the PERA asset will be released to the beneficiaries without paying estate tax.

In September 2020, the BSP implemented a digitized version of the PERA to encourage more investments.

The digital PERA made it more convenient and efficient by enabling Filipinos to open PERA accounts, choose among different accredited PERA products, and settle PERA transactions electronically using their mobile phones or other digital devices, said the BSP.

After the BSP launched the digital PERA where investors can settle via InstaPay and PESONet, the number of contributors increased to 5,100 in 2022 from 1,684 in 2020.

The digitalization of PERA has brought more overseas Filipinos as contributors since 2020. It has also significantly reduced processing time and transaction cost, as well as simplified account opening.

The BSP launched PERA in 2016 under Republic Act No. 9505. As a voluntary retirement savings program, it supplements state-based pension plans and employer-sponsored retirement plans such as the Social Security System and the Government Service Insurance System.

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