This document outlines the legal basis and framework for Personal Equity and Retirement Accounts (PERAs) in the Philippines according to Republic Act No. 9505. It establishes PERAs as voluntary retirement accounts for individuals to promote savings and capital market development. PERAs have four main parties: the contributor, administrator, investment manager, and custodian. The contributor is an individual who establishes and contributes to a PERA. The administrator oversees and administers the PERA and must be pre-qualified by regulatory authorities and accredited by the Bureau of Internal Revenue.
This document outlines the legal basis and framework for Personal Equity and Retirement Accounts (PERAs) in the Philippines according to Republic Act No. 9505. It establishes PERAs as voluntary retirement accounts for individuals to promote savings and capital market development. PERAs have four main parties: the contributor, administrator, investment manager, and custodian. The contributor is an individual who establishes and contributes to a PERA. The administrator oversees and administers the PERA and must be pre-qualified by regulatory authorities and accredited by the Bureau of Internal Revenue.
This document outlines the legal basis and framework for Personal Equity and Retirement Accounts (PERAs) in the Philippines according to Republic Act No. 9505. It establishes PERAs as voluntary retirement accounts for individuals to promote savings and capital market development. PERAs have four main parties: the contributor, administrator, investment manager, and custodian. The contributor is an individual who establishes and contributes to a PERA. The administrator oversees and administers the PERA and must be pre-qualified by regulatory authorities and accredited by the Bureau of Internal Revenue.
This document outlines the legal basis and framework for Personal Equity and Retirement Accounts (PERAs) in the Philippines according to Republic Act No. 9505. It establishes PERAs as voluntary retirement accounts for individuals to promote savings and capital market development. PERAs have four main parties: the contributor, administrator, investment manager, and custodian. The contributor is an individual who establishes and contributes to a PERA. The administrator oversees and administers the PERA and must be pre-qualified by regulatory authorities and accredited by the Bureau of Internal Revenue.
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PERSONAL EQUITY AND
RETIREMENT ACCOUNT (PERA)
Legal Basis
Republic Act No. 9505 (PERA Act of 2008)
Objectives: to promote capital market development and savings by establishing a framework of retirement plans for persons, comprised of voluntary personal savings and investments Long-term sustainability through long-term financing and reduction of social pension benefits Personal Equity and Retirement Account
Voluntary retirement account established by and
for the exclusive use and benefit of the Contributor for the purpose of being invested solely in PERA investment products in the Philippines. Parties to a PERA 1. Contributor 2. Administrator 3. Investment Manager 4. Custodian THE CONTRIBUTOR
A natural person who:
1. Establishes and contributes to a PERA; 2. Has a Tax Identification Number (TIN); 3. Has the capacity to enter into a contract Overseas Filipinos as Contributors 1. An individual citizen of the Philippines who is working and deriving income from abroad; 2. An individual who retained or reacquired his Philippine citizenship under Republic Act No. 9225, otherwise known as the "Citizenship Retention and Reacquisition Act of 2003; or 3. the legitimate spouse, whether or not said spouse is of Filipino ancestry, and the children of the Filipino citizen mentioned in items (1) and (2) THE ADMINISTRATOR An entity which had been pre-qualified by the concerned Regulatory Authority (BSP, SEC or IC) and accredited by the Bureau of Internal Revenue (BIR), and is responsible for administering and overseeing the PERA of the Contributor. Core Functions of an Administrator Includes but is not limited to: Reporting on contributions made to the account Computing the values of investments Educating the contributor Enforcing PERA contributions and withdrawal limits Collecting appropriate taxes and penalties for the government Core Functions of an Administrator Includes but is not limited to: Securing BIR income tax credit certificates for the contributor Consolidating reports on all investments, income expenses and withdrawals on the account Ensuring that PERA contributions are invested in accordance with the prudential guidelines set by the regulatory authorities Qualifications of an Administrator
1. Should be pre-qualified by the concerned
Regulatory Authority Bangko Sentral ng Pilipinas (BSP) - banks, other supervised financial institutions and trust entities, Securities and Exchange Commission (SEC) - investment companies, investment houses, stockbrokerages and pre-need plan companies, Office of the Insurance Commission (OIC) insurance companies Qualifications of an Administrator
2. Possesses adequate systems, technological
capabilities, technical expertise and personnel to ensure the proper recording of PERA transactions 3. Duly registered with the BIR 4. Regularly filed tax returns as required by law 5. No unpaid final and executory national internal revenue tax assessment www.landbank.com
San Miguel Corporation Employees Union-Phil. Transport and General Workers Org. vs. San Miguel Packaging Products Employees Union-Pambansang Diwa NG Manggagawang Pilipino
San Miguel Corporation Employees Union-Phil. Transport and General Workers Org. vs. San Miguel Packaging Products Employees Union-Pambansang Diwa NG Manggagawang Pilipino
