More Filipinos saving money for retirement, PERA contributions surge in Sept: BSP

ABS-CBN News

Posted at Dec 16 2021 11:36 AM

MANILA— The value of Personal Equity and Retirement Account (PERA) contributions grew 62 percent in September as more Filipinos set aside money for retirement savings, the central bank said Thursday.

The total hit P237 million in September compared to the same period last year, data from the Bangko Sentral ng Pilipinas showed.

"The noted increase may be attributed to the BSP and partner providers’ promotion of the retirement savings program for Filipino families, especially those working abroad," the BSP said in a statement.

As of the third quarter, there were a total of 4,001 PERA contributors, where 2,827 are full time employees, 590 are self-employed and 584 are overseas Filipino workers, the BSP said.

“We continue to actively promote financial security and encourage more Filipinos to plan for retirement and set aside funds for their sunset years through PERA,” said BSP Governor Benjamin Diokno.

The BSP has been actively promoting PERA, or the voluntary retirement savings program which is meant to supplement the existing retirement benefit offered by the Social Security System (SSS), Government Service Insurance System (GSIS) and private employers.

The BSP said anyone with a Tax Identification Number can be a PERA contributor.

PERA contributors who have reached 55 years old and have invested in PERA for at least 5 years can redeem their investments tax-free.

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