BSP Governor Diokno to lead virtual launch of Digital PERA

By Edil Corneille

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno will lead the virtual launch of the Digital Personal Equity and Retirement Account (PERA) which will broadcast live via the BSP’s Facebook page on September 8. BSP is the central bank of the Republic of the Philippines and was established on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993.

The initiative, which is carried out by the central bank in collaboration with the Trust Officer Association of the Philippines, is themed, “Convenient and Affordable Retirement Savings through Digital PERA” or “#PERACares”.

According to Governor Diokno, “The digital PERA will allow Filipinos to invest in PERA investment products anytime, anywhere using only their mobile phones and other devices. This is firmly in line with the BSP’s thrust to foster digitalization in the financial system and to bring the BSP closer to the people.”

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.

The BSP took over from the Central Bank of Philippines, which was established on January 3, 1949, as the country’s central monetary authority. The BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities.