PERA Grew 30% In 2022

Contributions made by voluntary members in the Personal Equity and Retirement Account (PERA) reached P329.55 million in 2022, the central bank said recently.

Photo Insert: The goal of PERA is to encourage Filipinos to save up for their retirement through a voluntary investment product.

Data from the Bangko Sentral ng Pilipinas (BSP) showed PERA contributions climbed by 30% last year, from P253.35 million in 2021. The number of PERA contributors also jumped by 16% to 5,100 in 2022 from 4,382 in 2021, the BSP said.

About 3,600 employed individuals contributed P223.71 million to the fund last year, followed by overseas Filipino workers (721) and self-employed individuals (785) who invested P60.58 million and P45.25 million, respectively.

"The PERA legislation helped address the need for alternative investment outlets and it’s a positive sign to see that contributors are able to take advantage of the PERA law to jumpstart or build their retirement funds further,” the BSP chief observed.

Republic Act 9505 or the PERA law was passed in 2008 with the goal of encouraging Filipinos to save up for their retirement through a voluntary investment product.

Launched in 2016, the PERA is a voluntary fund scheme meant to supplement retirement benefits from the Government Service Insurance System or the Social Security System, as well as private employers.

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