The Central Bank of the Philippines has issued guidelines for banks offering time deposits as Personal Equity and Retirement Account (PERA) investment products. Eligible banks must meet applicable prudential criteria, notify the central bank within 10 banking days of board approval and obtain Bureau of Internal Revenue accreditation before offering or accepting placements. They must also have a written arrangement with at least one accredited PERA Administrator. PERA time deposits must be clearly identified as PERA products, carry market-based interest rates and have a minimum maturity of 30 days. Maturity or pre-termination does not itself constitute a PERA withdrawal if the proceeds remain within the account and are rolled over, transferred or reinvested under applicable rules. Banks must provide specified disclosures, ensure the products are enrolled in the PERASys registry, separately identify them in accounting and management systems, and comply with applicable deposit insurance requirements.
2026-08-20Central Bank of the Philippines
Central Bank of the Philippines sets accreditation and prudential requirements for PERA time deposits
The Central Bank of the Philippines has set requirements for banks offering PERA time deposits, including prudential eligibility, regulatory notification and Bureau of Internal Revenue accreditation before launch. The products must have a minimum 30-day maturity, operate through an accredited PERA Administrator and meet disclosure, registry, accounting and deposit insurance requirements.