The Bangko Sentral ng Pilipinas (BSP) and the Trust Officers Association of the Philippines (TOAP) highlighted the need to invest smart for retirement during a Personal Equity and Retirement Account (PERA) forum at the BSP head office in Manila on 17 July 2024.

With the theme "Investing for Your Retirement: Advancing Financial Security through PERA," the forum discussed how PERA enables its investors to grow funds for retirement while enjoying tax incentives. In a recorded message, BSP deputy governor Eduardo G. Bobier said PERA supports Filipinos in achieving financial freedom and enables them to lead comfortable lives during their later years.

Deputy governor Bobier also noted that as a pilot use case for BSP’s Open Finance initiative, PERA creates opportunities for seamlessly linking Filipinos’ bank accounts with financial service providers. This will enable them to make informed financial decisions with greater convenience and efficiency.

Meanwhile, BSP deputy governor Chuchi G. Fonacier emphasised the need for individuals to skillfully plan for and set aside savings for the family's financial well-being and for one’s retirement.

She likewise recognised the efforts of BSP’s partner agencies, namely, the Securities and Exchange Commission, Insurance Commission, Bureau of Internal Revenue (BIR), and Department of Finance, to make investing in PERA more affordable and convenient.

For her part, TOAP president Christiane B. Alonzo-Velasco underscored the importance of having a clear and detailed vision of one's retirement goal as well as actionable plans. She also pointed out that one can never be too early in planning retirement.

BIR deputy commissioner Maridur V. Rosario, BSP senior director Jose Recon S. Tano, Wealth Arki and Consultancy chief financial planner Fitz Gerald Villafuerte, ATRAM Group CEO Michael V. Ferrer, RCBC Trust Corporation president Robert B. Ramos, BDO Unibank former trust officer Raffy G. Ayuste, BPI Wealth-Personal wealth head Irene L. Ang, ATRAM Trust Corporation business development manager Carlo T. Abat, BDO Unibank vice president and programmed investments head Marissa A. Romero, and BPI Wealth-Personal wealth senior investment advisor John Martin B. Quinao also served as speakers for the forum.

Aside from the basics of financial planning for retirement, the forum discussed disciplined savings habits and the need to consider inflation in one’s retirement investment strategy. It also tackled PERA’s features, mechanics for investing, and role of administrators, as well as the latest on Filipinos’ adoption of PERA.

Created under Republic Act No. 9505, PERA is a voluntary retirement savings programme that supplements state-based pension plans and employer-sponsored retirement plans.

Re-disseminated by The Asian Banker