BDO Unibank (BDO) has recently accepted its first batch of Personal Equity and Retirement Account (PERA) contributors via a test launch, being the first of only two banks in the country to be authorized by the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR) to act as PERA Administrators.

PERA was offered to a limited number of clients in its Head Office Branch in Makati. These clients were made to attend a briefing on PERA prior to opening their PERA accounts. In line with PERA requirements, the briefing was conducted by PERA accredited personnel who explained to PERA Contributors the features, terms and conditions of PERA as well as which PERA products are available and suitable for each particular PERA Contributor.

Mr. Ador A. Abrogena, Trust Officer and Executive Vice President of BDO Trust and Investments Group said, "Launching PERA has been a challenge given the coordination required from the different PERA Participants, namely the Cash and Securities Custodian and the various Product Providers. However, we are glad that the recently issued PERA rules and regulations have finally enabled BDO to do this launch. The next step is to enable PERA to be offered on a wider scale. As an industry, we need to continue working on the documentation and onboarding processes to make them more efficient and cost effective. We are likewise hopeful that the rules will be refined over time to allow millions of Filipinos to benefit from lower transaction and management costs for PERA and make it more inclusive."

PERA was created by RA 9505, which was signed into law on August 22, 2008. Since then, various Implementing Rules and Regulations have been issued by regulators. PERA establishes the legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization and capital market development. Ultimately, it is meant to provide Filipinos a way to supplement their future pension benefits from SSS/GSIS. Thus, this is an offering that is very much in line with BDO's advocacy for financial inclusion.