Well I'll be... My computer was down the past four days, I'm updating my blog from another place just to make up for my delayed post. As I said in my other blog, my computer failed me this week, so I couldn't post a darn thing here and there.
After I posted my entry last week on the PERA bill, I found out some more information about the landmark bill from the local daily.
* The PERA Bill is also considered a retirement bill
* Primarily for people who don't have existing pension funds (like SSS or GSIS). This means this is primarily targeted at OFWs
* Republic Act 9505
* Non OFWs - 100K, OFWs - 200K annual limit (for married couples, just multiply by 2)
* Employers will have tax advantages if they have a PERA account for employees (unclear but based from this newspaper (Philippine Star, August 23, 2008 page 10), it can be as much as the maximum allowable contribution of the individual, i.e. 100K. This will be on top of the mandatory SSS and retirement pay under the Labor Code. Everybody happy right?
* The BSP will screen the administrator (the PERA fund manager) while the BIR will accredit them.
Stay tuned to here (and of course the news) for more details.
Congratulations Senator Angara. Let's hope existing mutual funds, UITFs, and the stock market will be allowed as PERA accounts. This will certainly develop the Philippine capital markets, especially with the plan to increase the trading hours of the local exchange. Interesting times indeed. I just hope people use these capital market advances to their advantage. These are things people should be aware of.
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