Contributions to retirement fund PERA up by 30 pct: BSP | ABS-CBN

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Contributions to retirement fund PERA up by 30 pct: BSP

Contributions to retirement fund PERA up by 30 pct: BSP

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MANILA — The Bangko Sentral ng Pilipinas said on Tuesday contributions to the Personal Equity and Retirement Account (PERA) reached P329.55 million at the end of 2022, up 30 percent from P253.35 million compared to the previous year.

The number of PERA contributors also increased by 16 percent to 5,100 in 2022 from 4,382 in 2021, the central bank said in a statement.

Out of the total number of contributors, 721 are overseas Filipino workers (OFWs), 785 are self-employed and 3,600 are employed, BSP data showed.

The BSP launched PERA in 2016 to encourage more Filipinos to invest funds for their retirement through the voluntary savings program to supplement state-based pension plans and employer-sponsored retirement programs.

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PERA offers tax exemptions on earnings, 5 percent tax credit and tax-free distribution on qualified withdrawals.

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