Filipinos with PERA increased by 50% – Manila Bulletin

Contributors to the Personal Equity and Retirement Account (PERA) grew 50 percent in just three months after it went digital to reach as many investors and participants as possible, according to the governor of Bangko Sentral ng Pilipinas (BSP ), Benjamin E. Diokno.

Diokno said Friday that PERA investors as of Dec. 8 are at 2,506 or an additional investment of P18.9 million. When the BSP launched the digital PERA in early September, the number of Filipinos with PERA was only 1,586 investing PERA millions.

“The BSP is making early gains after PERA went digital. While the numbers remain modest, we are confident that the number will continue to grow as more Filipinos can access PERA conveniently, anytime, anywhere, ”Diokno said.

He said in September that the goal is to get five million Filipinos to invest in PERA by 2025.

During his regular “GBED Talks” before the weekend, Diokno said that to sustain the growth of PERA contributors, the BSP will intensify its information campaign. Recently, he has organized webinars for foreign Filipinos in Hong Kong, Macau, and South Korea in October and November this year.

“With great pleasure, our Kababayans showed great interest in PERA,” said Diokno.

“We will also engage market participants to expand product offerings and further enhance PERA’s digital experience (and) we will remain active in promoting financial security and encouraging more Filipinos to prepare for their later years through PEAR”.

PERA is a voluntary retirement savings program that supplements existing retirement benefits from the Social Security System, the Government Service Insurance System, and employers. Its goal is to allow Filipinos to live comfortably in their sunset years.

Digital PERA is a one-stop shop for PERA investors. “The benefits of PERA can now be enjoyed by more Filipinos with digitization from one end of the PERA environment to the other. In addition to transaction settlement and investment tracking, the digital PERA also serves as a one-stop shop for investor education and client onboarding, ”said Diokno.

Diokno said he also supports calls to increase contributions to PERA, which is a voluntary retirement savings program established under Republic Law 9505.

According to a PERA review in late July, about 69 percent or 1,099 of all taxpayers are employed locally; 17 percent or 273 are Filipinos abroad and 14 percent or 214 are self-employed.

Filipinos abroad have higher contributions of P110,000, while contributions from locally employed workers are P82,000 and self-employed workers are P76,000.