The Bangko Sentral ng Pilipinas (BSP) continues to push for the adoption of Personal Equity and Retirement Account (PERA) as a workplace benefit. The goal is to help Filipino employees build long-term financial security.
This call was amplified during the forum, “PERA@Work: Powering Employer-led Retirement Security Through PERA,” at the BSP head office in Manila on 08 July 2026.
Established under Republic Act No. 9505 or the PERA Act of 2008, PERA is a voluntary retirement savings program. It complements benefits from the mandatory Social Security System and the Government Service Insurance System.
Employees based in the Philippines can put up to P200,000 per year into a PERA account. Filipinos based abroad can put up to P400,000 a year. Earnings as well as withdrawal at 55 years and above are tax free. Under PERA, individuals may open accounts independently or through employer-led arrangements.
Employers who contribute to their employees’ PERA can avail of tax incentives under the PERA framework. Employers, who previously could get a 100% tax deduction on their contributions, can now get a 150% tax deduction under a provision of the Capital Markets Efficiency Promotion Act passed in 2025. This means that the cost of providing retirement benefit to employees is substantially reduced.
According to BSP Governor Eli M. Remolona, Jr., “For the economy as a whole, PERA has what you call network effects. Every new saver deepens the market for everyone else. More savers mean more capital. For bonds and equity, more companies expanding, more jobs. Your PERA works harder because others put theirs to work too.”
Deputy Governor Lyn I. Javier also said, “Retirement security is not solely a government responsibility, nor solely an individual responsibility. It is a shared undertaking in which employers can play a transformative role.”
Assistant Governor Ma. Belinda G. Caraan noted, “Our goal is simple: to move from just awareness to real action. We hope more employers will consider facilitating PERA enrollment, integrating PERA into benefits programs, or providing contributions that help employees build long-term financial security.”
In a video message, Department of Finance Secretary Frederick D. Go noted, “By working together, we can foster a stronger culture of saving and investing, improve financial resilience, and help ensure that more Filipinos can retire with confidence.”
Meanwhile, Department of Labor and Employment Secretary Francis N. Tolentino expressed support for the initiative, noting that, “this initiative is very timely as it allows individuals to save and plan for their retirement through an investment account with tax incentives.”
Co-hosted by the BSP, Trust Officers Association of the Philippines (TOAP), and Fund Managers Association of the Philippines, the forum gathered more than 350 participants including business leaders, human resource executives, finance officers, and policymakers.
Discussions focused on retirement planning, pension funding in the Philippines, the role of employers in promoting retirement security strategies for helping employees save for retirement, and insights on integrating PERA into workplace financial wellness programs.
The presenters were Bureau of Internal Revenue Attorney III Ron Mikhail V. Uy and E.M. Zalamea Actuarial Services, Inc. President and Chief Executive Officer (CEO) Raymund Benedict C. Zalamea, while TOAP President Robert B. Ramos and Metropolitan Bank & Trust Company Multi-Asset Investments, Trust Banking Group Head Christian Nero V. Porlas attended as moderators.
The panelists were Zalamea; EastWest Banking Corporation CEO Jerry G. Ngo; ATRAM Trust Corporation President Deanno J. Basas; ATRAM Trust Corporation Chief Client Relations Officer Melanie Allison C. Grey; AIA Investment Management and Trust Corporation President Angel Marie L. Pacis; Bank of the Philippine Islands (BPI) Wealth Clients Head Yvette Mari V. De Peralta; BPI Institutional Wealth Head Kenneth John S. Gavino; BDO Unibank, Retail Accounts Department Head Patricia Lei S. Alvarillo; and DragonFi Securities, Inc. Senior Research Associate Franco M. Fernandez served as panelists.
PERA administrators[1] were also present to provide information on PERA products, assist participants with account opening, and answer questions about the program.
[1]PERA administrators are accredited institutions that administer and oversee PERA accounts, facilitate investments in eligible PERA products, and coordinate with custodians and other market participants. Forum participants included representatives from accredited PERA administrators and providers such as ATRAM Trust Corporation, BPI, BDO Unibank, DragonFi Securities, Inc., Luna Securities, Inc. and E.M. Zalamea Actuarial Services, Inc.
