The Philippines’ Department of Finance is reviewing potential improvements to the Personal Equity and Retirement Account (PERA) program, including a uniform annual contribution limit and measures to widen participation. The voluntary program allows eligible individuals to invest in approved financial products with tax incentives, supplementing benefits from other retirement schemes. Annual contributions are currently capped at PHP 200,000 for regular contributors and PHP 400,000 for overseas Filipino workers. Finance Secretary Frederick D. Go is examining adjustments that could allow contributors to save more and is seeking a uniform limit to simplify the rules. The review also covers policy and regulatory measures to address participation barriers and improve awareness. Financial and investment institutions, employers, labor groups and pension organizations have been invited to provide recommendations. Proposed changes remain under study.
Philippines’ Department of Finance studies uniform contribution limit for voluntary retirement savings
The Philippines’ Department of Finance is reviewing the Personal Equity and Retirement Account (PERA) program, with a uniform annual contribution limit under consideration. Existing limits are PHP 200,000 for regular contributors and PHP 400,000 for overseas Filipino workers. The review also covers measures to reduce participation barriers and improve awareness, with proposed changes still under study.