Bangko Sentral to launch digital retirement account PERA on Sept. 8

ABS-CBN News

Posted at Aug 31 2020 10:52 AM | Updated as of Aug 31 2020 10:53 AM

Central Bank Governor Benjamin Diokno holds new P20and P5 coins at the Executive Business Center at the Bangko Sentral ng Pilipinas, (BSP) in Manila on December 17, 2019. Jonathan Cellona, ABS-CBN News/File

MANILA - The Bangko Sentral ng Pilipinas said Monday it would launch the Digital Personal Equity and Retirement Account (PERA) this September to encourage Filipinos to save for additional retirement benefits. 

The program aims to encourage Filipinos to invest in a voluntary retirement account that can be a source of supplementary benefit on top of the state-sponsored retirement program using just mobile phones and other devices, Gov. Benjamin Diokno said in a statement.

“The digital PERA will allow Filipinos to invest in PERA investment products anytime, anywhere using only their mobile phones and other devices. This is firmly in line with the BSP’s thrust to foster digitalization in the financial system and to bring the BSP closer to the people.” 

With the program, Filipinos can invest in long-term retirement saving products while enjoying certain tax incentives, the BSP said.

Digital PERA, which is set to officially launch on Sept. 8, is a project in collaboration with the Trust Officer Association of the Philippines, the BSP said.

The central bank has been advocating for the use of digital platforms to improve financial literacy and engagement in other financial services such as investments.

The BSP earlier launched the National Retail Payment System, which includes PesoNet and InstaPay with the goal of increasing the use of digital payments in the country.

Both services proved to be useful during the COVID-19 pandemic.

It has also supported the Bureau of Treasury's move to tap fintech players in launching Bonds.ph where Filipinos can invest in bonds using a mobile app for as low as P5,000.