BSP Signing of Agreements with BIR and TOAP Highlights Digital PERA Launch

The Bangko Sentral ng Pilipinas (BSP) inked separate agreements with the Bureau of Internal Revenue (BIR) and the Trust Officer Association of the Philippines (TOAP) during the virtual launch of the Digital Personal Equity and Retirement Account (PERA) held recently.

 

BSP Governor Benjamin E. Diokno and BIR Commissioner Caesar R. Dulay signed a memorandum of agreement on connectivity arrangements between the two agencies’ PERA systems for the issuance of electronic tax credit certificate. In relation to this, a ceremonial turn-over of electronic tax credit certificates (TCC) to existing PERA investors showcased the recent automation of TCC issuance.

 

Moreover, Governor Diokno and TOAP President Atty. Ma. Cristina Barbara V. Concepcion signed a memorandum of understanding on TOAP’s affirmation of commitment to promote digital PERA.

 

Themed “Convenient and Affordable Retirement Savings through Digital PERA” or “#PERACares,” the launch of digital PERA was also attended by Finance Secretary Carlos G. Dominguez; Asian Development Bank Director General Ramesh Subramaniam; BSP Deputy Governor Chuchi G. Fonacier and Managing Director Lilia C. Guillermo; BIR Assistant Commissioner Ma. Luisa I. Belen; and personal finance coach Randell Tiongson.

 

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

 

In his speech, Governor Diokno stressed that PERA fosters a financially-secure retirement, capital market development as well as economic growth through savings mobilization.

 

The digitalization of PERA — which allows Filipinos to invest in PERA investment products anytime, anywhere using only their mobile phones and other devices — is in line with BSP’s thrust to bring the central bank closer to the people.

 

Participants to the event also included personnel from the Armed Forces of the Philippines, Department of Education, Information Technology and Business Process Association Philippines, Civil Service Commission and Department of Labor and Employment.

 

Source: Bangko Sentral ng Pilipinas (BSP)