Philippines

BSP’s Governor Diokno to Lead the Launch of Digital Retirement Account

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno will lead the virtual launch of the Digital Personal Equity and Retirement Account (PERA), said the regulator in a media statement issued earlier today.

PERA is a voluntary retirement account that can be a supplementary source of retirement benefits in addition to state-sponsored retirement programs implemented by the Social Security System or Government Service Insurance System. PERA is structured to encourage Filipinos to invest in long-term retirement saving products while enjoying certain tax incentives.

Its digitalization is seen to enable PERA-accredited banks and financial institutions to provide convenient and affordable retirement saving products.

Governor Diokno said the digital PERA will allow for more Filipinos to invest in PERA invest products anytime anywhere using their mobile phones, he further adds that this firm with the regulator’s thrust to “foster digitalization in the financial system and bring BSP closer to the people”