MANILA — The Bangko Sentral ng Pilipinas (BSP) is urging more companies to adopt the Personal Equity and Retirement Account (Pera) as a workplace benefit to help Filipino workers build long-term financial security.
The call gained momentum during the forum, “Pera@Work: Powering Employer-led Retirement Security Through Pera,” held at the BSP head office in Manila on July 8, 2026.
Created under Republic Act No. 9505 or the Pera Act of 2008, Pera is a voluntary retirement savings program designed to complement mandatory pension systems such as the Social Security System and the Government Service Insurance System.
Under the program, employees in the Philippines may contribute up to P200,000 annually to a Pera account, while overseas Filipinos may contribute up to P400,000 a year. Contributions, investment earnings, and withdrawals made at age 55 or older are tax-free.
Individuals may open Pera accounts on their own or through employer-sponsored arrangements. Companies that provide Pera contributions for their employees may also enjoy tax incentives under the program.
Employers that previously qualified for a 100 percent tax deduction on Pera contributions may now claim a 150 percent tax deduction under the Capital Markets Efficiency Promotion Act, which took effect in 2025. The incentive reduces the cost for companies that provide retirement benefits to their workforce.
BSP Governor Eli M. Remolona Jr. said Pera can create broader economic benefits by encouraging more Filipinos to save and invest.
“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 are expanding, and more jobs. Your Pera works harder because others put theirs to work too,” Remolona said.
BSP Deputy Governor Lyn I. Javier emphasized that retirement security requires collaboration among government, individuals, and employers.
“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,” Javier said.
BSP assistant governor Ma. Belinda G. Caraan said the goal is to move beyond awareness and encourage actual participation among employers.
“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,” Caraan said.
In a video message, Department of Finance Secretary Frederick D. Go said stronger cooperation among stakeholders can encourage a culture of saving and investing.
“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,” Go said.
Department of Labor and Employment Secretary Francis N. Tolentino also backed the initiative, saying it provides workers with an opportunity to prepare for retirement through a tax-incentivized investment account.
“This initiative is very timely as it allows individuals to save and plan for their retirement through an investment account with tax incentives,” Tolentino said.
The BSP, together with the Trust Officers Association of the Philippines (TOAP) and Fund Managers Association of the Philippines, organized the forum, which gathered more than 350 participants, including business leaders, human resource executives, finance officers, and policymakers.
Discussions centered on retirement planning, pension funding in the Philippines, the role of employers in promoting retirement security, and ways to integrate Pera into workplace financial wellness programs.
The forum featured presentations from Bureau of Internal Revenue Attorney III Ron Mikhail V. Uy and E.M. Zalamea Actuarial Services Inc. President and CEO Raymund Benedict C. Zalamea. TOAP President Robert B. Ramos and Metropolitan Bank & Trust Company Multi-Asset Investments, Trust Banking Group Head Christian Nero V. Porlas served as moderators.
Panelists included Zalamea; EastWest Banking Corp. CEO Jerry G. Ngo; ATRAM Trust Corp. President Deanno J. Basas; ATRAM Trust Corp. Chief Client Relations Officer Melanie Allison C. Grey; AIA Investment Management and Trust Corp. President Angel Marie L. Pacis; Bank of the Philippine Islands 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.
Pera administrators also joined the event to provide information on available Pera products, assist participants with account opening, and answer questions about the program. PR
