By Francis Allan L. Angelo
The Bangko Sentral ng Pilipinas (BSP) and the Trust Officers Association of the Philippines (TOAP) have reinforced the importance of smart retirement planning through a Personal Equity and Retirement Account (PERA) forum held at the BSP head office on July 17, 2024.
The event aimed to guide Filipinos in securing their financial future by leveraging the benefits of PERA.
Under the theme “Investing for Your Retirement: Advancing Financial Security through PERA,” the forum highlighted how PERA enables Filipinos to grow their retirement funds while enjoying tax incentives, making it a vital tool for long-term financial security.
In a recorded message, BSP Deputy Governor Eduardo G. Bobier emphasized PERA’s role in supporting Filipinos’ financial independence during their later years.
“PERA supports Filipinos in achieving financial freedom and enables them to lead comfortable lives during their later years,” Bobier said.
Deputy Governor Bobier also pointed out that PERA serves as a pilot use case for BSP’s Open Finance initiative, which facilitates seamless integration between bank accounts and financial service providers.
“This will enable them to make informed financial decisions with greater convenience and efficiency,” he added.
Meanwhile, BSP Deputy Governor Chuchi G. Fonacier stressed the necessity of disciplined saving and strategic planning for retirement.
“Skillful planning and setting aside savings for the family’s financial wellbeing and for one’s retirement are essential,” Fonacier noted.
She also acknowledged the efforts of partner agencies such as the Securities and Exchange Commission, Insurance Commission, Bureau of Internal Revenue (BIR), and Department of Finance in making PERA more accessible and affordable.
TOAP President Christiane B. Alonzo-Velasco also emphasized the significance of having a clear retirement goal and actionable plans.
“One can never be too early in planning for retirement,” Alonzo-Velasco remarked, underscoring the importance of early and proactive financial planning.
The forum featured notable speakers, including BIR Deputy Commissioner Maridur V. Rosario, BSP Senior Director Jose Recon S. Tano, and several experts from the financial and wealth management sectors.
Discussions covered a range of topics from the basics of financial planning for retirement to the impact of inflation on retirement strategies and the role of administrators in the PERA framework.
PERA, created under Republic Act No. 9505, is a voluntary retirement savings program designed to supplement state-based pension plans and employer-sponsored retirement plans. It plays a critical role in helping Filipinos build a secure financial future.
For more information about PERA, visit BSP’s Inclusive Finance page.
