BPI offers pension scheme to clients

Bank of the Philippine Islands (BPI) recently made the Personal Equity and Retirement Account (PERA) available to a limited number of existing BPI clients.

Created by virtue of the PERA Act of 2008, PERA encourages personal and voluntary savings for one’s retirement.

“PERA is consistent with BPI’s advocacy of championing financial enlightenment for Filipinos,” BPI Asset Management Head Mario T. Miranda said.

“Financial literacy has been at the core of our services, particularly in wealth management. We have intensified our efforts to make it more convenient, affordable and simpler for Filipinos to build and grow funds for long-term goals, such as a comfortable retirement,” he added.

PERA grants certain tax privileges to those who have contributed a maximum of P100,000 a year for at least five years, as long as the investment is kept in the PERA until the contributors reach 55 years old.

Overseas Filipinos may contribute up to a maximum of P200,000 a year. It only a takes a minimum of P1,000 to open a PERA.

BPI is one of only two financial institutions prequalified by the Bangko Sentral ng Pilipinas (BSP) and accredited by the Bureau of Internal Revenue (BIR) to be a PERA administrator.

BPI will initially offer PERA at its main branch in Makati City. PERA may only be marketed by the PERA individual administrators of BPI who have undergone training as prescribed by the BSP.