The Bangko Sentral ng Pilipinas (BSP) is intensifying its call for companies to adopt the Personal Equity and Retirement Account (Pera) as a workplace benefit, aiming to enhance long-term financial security for Filipino workers.
Forum highlights employer role
The push gained traction during the “Pera@Work: Powering Employer-led Retirement Security Through Pera” forum held at the BSP head office in Manila on July 8, 2026. The event gathered over 350 participants, including business leaders, human resource executives, finance officers, and policymakers, to discuss retirement planning and pension funding in the Philippines.
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. Employees can contribute up to P200,000 annually, while overseas Filipinos can contribute up to P400,000 per year. Contributions, investment earnings, and withdrawals made at age 55 or older are tax-free.
Enhanced tax incentives for employers
Employers that provide Pera contributions for their employees can claim a 150 percent tax deduction under the Capital Markets Efficiency Promotion Act, which took effect in 2025. Previously, they qualified for a 100 percent deduction. This incentive reduces the cost for companies offering retirement benefits to their workforce.
BSP Governor Eli M. Remolona Jr. highlighted the broader economic benefits of Pera. “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.
Collaborative approach to retirement security
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 stressed the need to move beyond awareness to action. “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.
Government support and forum details
In a video message, Department of Finance Secretary Frederick D. Go called for stronger cooperation among stakeholders to foster 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, noting its timeliness. “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 forum was organized by the BSP, the Trust Officers Association of the Philippines (TOAP), and the Fund Managers Association of the Philippines. Discussions centered on retirement planning, pension funding, the role of employers, and integrating Pera into workplace financial wellness programs. Presentations were made by 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 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 provided information on available Pera products and assisted with account opening.
