Personal Equity & Retirement Account (PERA)

Personal Equity & Retirement Account (PERA)


Personal Equity and Retirement Account (PERA) is a voluntary and personal account specifically for retirement. This can be established by an individual with TIN and capacity to contract. Contributors can enjoy tax free distribution from their PERA at age 55 and 5 years of contribution.
 
Under the PERA Law, an employer may contribute to a PERA on behalf of their employees up to the extent allowable to an employee-contributor. This contribution enjoys certain tax benefits.  To the employer, they can claim the actual amount of qualified contributions as deduction to gross income. To the employees, contributions to their PERA by the employer are exempt from withholding tax on compensation. PERA however, is not intended to replace the employer’s contribution to social security and its obligation to pay retirement benefits to its employees under the Labor Code. This can be used by companies to attract, engage, and retain the right people by providing additional monetary benefit that is tax-exempt.
 
 
BPI PERA products are currently available through BPI Asset Management and Trust Corporation (BPI Buendia Center, Sen. Gil J. Puyat Avenue, Makati City).
 

Requirements to open an account

  • A BPI savings or checking account to serve as a settlement account.
  • A valid government ID
  • A Tax Identification Number (TIN)
  • Copy of the Income Tax Return or any document that can validate the TIN.
  • 1,000 Pesos – Initial Amount of Investment and exclusive of Fees

Additional requirements for OFWs:

  • Overseas Employment Certificate issued by the Philippine Overseas Employment Administration (POEA)
  • Any official document showing that he will earn or has earned income in a foreign country in the year of the PERA contribution.
  • Overseas Filipinos interested in enrolling in PERA may refer to the BIR memorandum dated 14 September 2020 regarding the issuance of TIN by clicking here.
 
 
 

Additional Requirements for Spouse/Child of OFW:

 
For spouse:
  • Marriage certificate attesting marriage with the OF
  • Sworn certification that the spouse is opening a PERA for and in behalf of the OF who has not availed of the benefits under the PERA Act
  • Supporting documents attesting OF status (POEA Overseas Employment Certificate and official documents showing income earned or will be earning in a foreign country).
For child:
  • The birth certificate attesting that he/she is the child of the OF
  • Sworn certification that the child is opening a PERA for and in behalf of the OF who has not availed of the benefits under the PERA Act, or the spouse of the OF has not availed of the benefits under the PERA Act
  • Supporting documents attesting OF status (POEA Overseas Employment Certificate and official documents showing income earned or will be earning in a foreign country)
 
You may contact 0927-136-1319 to know more about PERA. We will be more than glad to sit down and discuss this product further with you.
 

 

*PERA was established via RA 9505 (PERA Act of 2008) to promote capital market development and savings mobilization in the Philippines.
 

BPI Asset Management and Trust Corporation (BPI AMTC) is a subsidiary of the Bank of the Philippine Islands. For any inquiries and complaints relating to our services and products, you may call us at (02) 8580-AMTC (2682), send an email to bpi_asset_management@bpi.com.ph, or write a letter addressed to BPI Asset Management and Trust Corporation - Consumer Protection, 7/F BPI Buendia Center, Sen. Gil J. Puyat Avenue, Makati City 1209.
 
BPI AMTC as Trustee and Investment Manager is regulated by the Bangko Sentral ng Pilipinas with email address consumeraffairs@bsp.gov.ph.