Tax Notes: Additional list of PERA UTIFs approved by the BSP

REPUBLIC Act No. 9505, otherwise known as the “Personal Equity and Retirement Account (PERA) Act of 2008,” provides taxpayers an opportunity to save for their retirement while saving on taxes. Under the law, any employed or self-employed individual is allowed to set up his own PERA, which enjoys certain tax incentives.

Relative to Revenue Memorandum Circular (RMC) No. 131-2016, the BSP accredited additional PERA unit investment trust funds (UTIFS)/ investment products as follows:

No Name of Bank Name of Fund Subtype Detailed Type of Fund Denomination Date of BSP Approval
1 Metropolitan Bank and Trust Company Metrobank Money Market Fund Money Market PERA- Money Market Peso 3/28/2017
2 Metropolitan Bank and Trust Company Metrobank PERA Bond Fund Bond PERA-Bond Peso 3/28/2017
3 Metropolitan Bank and Trust Company Metrobank PERA Equity Fund Equity PERA - Equity Peso 3/28/2017

It is emphasized that only income earned from the investments and reinvestments of PERA assets in the specified PERA investment products and investment of PERA assets in government securities are exempt from income taxes.

Please be guided accordingly. Source: P&A Grant Thornton
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