More Filipinos investing in retirement as digital PERA contributions tripled: BSP

ABS-CBN News

Posted at Oct 04 2022 11:10 AM | Updated as of Oct 04 2022 11:40 AM

Philippine peso bills. Gigie Cruz, ABS-CBN News
Philippine peso bills. Gigie Cruz, ABS-CBN News

MANILA - More Filipinos have began investing in their retirement fund through the electronic Personal Equity and Retirement Account (PERA) as contributions tripled in just 2 years, the central bank said on Tuesday.

Digital PERA contributions rose to 4,892 on Sept. 8, 2022 from just 1,684 when it was launched 2 years prior, the Bangko Sentral ng Pilipinas said in a statement.

Contributions also increased by 106 percent to P289.82 million in September from P140.76 million during the same period in 2020, it added.

Filipino workers make up 67.43 percent of the PERA contributions while the remaining came from OFWs and self-employed individuals, the BSP said.

Through digital PERA, contributors can invest, open an account, monitor and settle transactions via InstaPay and PESONet. 

PERA is the government-run voluntary retirement savings program to supplement pension plans such as the Social Security System and Government Service Insurance System.

RELATED VIDEO:

Watch more News on iWantTFC