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By Prince Golez, Manila Reporter
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Friday, December 30, 2016
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MANILA – Sen. Juan Edgardo “Sonny” Angara has urged Filipinos to invest under the Personal Equity Retirement Account (PERA) Law for retirement.
Only a little over 10 percent of Filipinos save for retirement or old age, a Bangko Sentral ng Pilipinas (BSP) survey reported.
Angara said the BSP recently launched PERA, eight years after Republic Act 9505, or the PERA Act of 2008 was passed into law.
“We’re happy that the BSP finally launched this investment tool that will help and encourage Filipinos save up for their sunset years or for emergency medical situations,” the senator said.
Under the act, individuals may open up to five PERA accounts through accredited PERA administrators like Banco de Oro and Bank of the Philippine Islands, and invest up to P100,000 every year.
Overseas Filipino workers, on the other hand, can invest up to P200,000 or double the limit.
PERA investors are entitled to a 5-percent income tax credit, the law said. It likewise disburses pension payments, either in lump sum or for a lifetime, when the individual reaches 55 years old.
“It’s open to all working Filipinos – in the government, private sector, self-employed and professionals, and even our kababayan abroad,” Angara said.
“PERA supplements the social pension Filipinos can get from SSS (Social Security System) or GSIS (Government Service Insurance System). It especially targets OFWs, who may not be contributing to either of these funds, so they can live comfortably when they retire.”
The PERA law was introduced by Angara during his stint as congressman of Aurora province. His father former Sen. Edgardo Angara pushed the measure in the Senate./PN
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