MANILA, Philippines – The Monetary Board approved the guidelines for the accreditation of Personal Equity Retirement Act (PERA) market participants – a needed boost since it was signed into law in August 2008.
PERA, which was made possible via Republic Act No. 9505, aims to boost capital market development and increase savings among Filipinos, particularly building their retirement fund. PERA, like the 401 (k) in the US or the superannuation in Australia, is a voluntary and personal account, and a contributor with a tax identification number (TIN) can maintain a maximum of 5 PERA accounts under a single administrator.
via PH retirement fund law gets BSP nod.
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