By Eileen MenciasB
Contributions to the Personal Equity and Retirement Account (PERA) reached P329.55 million last year, up 30 percent from the P253.35 million recorded in 2021.
PERA is a voluntary retirement savings program launched in 2016 under Republic Act No. 9505 that offers tax benefits to contributors, including tax exemptions on earnings from investments, a five-percent tax credit on contributions, and tax-free distribution on qualified withdrawals.
Data from the Bangko Sentral ng Pilipinas showed that the number of PERA contributors increased by 16 percent to 5,100 in 2022. Some 3,600 employed individuals contributed P223.71 million while 721 overseas Filipino workers and 785 self-employed individuals invested P60.58 million and P45.25 million, respectively.
PERA facilitates greater convenience and efficiency as it is now fully digitalized, enabling Filipinos to open PERA accounts, choose accredited products, and settle transactions electronically using their mobile devices.
