MANILA - BDO Unibank has received accreditation as the country's first institution to administer collective savings instruments governed by the Personal Equity and Retirement Account (PERA) Act, the bank said on Thursday.
The bank obtained accreditation after hurdling stringent qualification requirements of the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR), it told the stock exchange.
PERA is the Philippine version of similar laws covering retirement savings vehicles.
"This will allow BDO to further promote its advocacy for financial inclusion," said Ador Abrogena, executive vice president and trust officer of BDO Trust.
PERA establishes the legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization, capital market development and long-term fiscal sustainability.
It also provides Filipinos a means to supplement their future pension benefits from the Social Security System (SSS) or the Government Service Insurance System (GSIS).
PERA is a product of Republic Act No. 9505, which was signed into law on August 22, 2008.
BDO shares were up 0.09 percent to P110.60 on Thursday.