Press Statement:PSE and TOAP partner for PERA initiatives
The Philippine Stock Exchange (PSE) and the Trust Officers Association of the Philippines (TOAP) will hold a seminar entitled “Get to know more about RA 9505 – Personal Equity Retirement Account (PERA) Law” on October 16 and 17, 2013 at the Makati Sports Club, Makati City.
The seminar will cover topics such as basic information and mechanics of PERA as well as investment alternatives available to PERA investors. The two-day event is ideal for aspiring PERA administrators, PERA investment product providers, PERA investment managers, PERA cash and securities custodians, and other market participants.
This PERA-awareness campaign initiative is just one of the many projects lined up by the PSE and TOAP to prepare PERA stakeholders, market participants and the investing public for the launch of PERA.
The PSE and TOAP signed a Memorandum of Agreement (MOA) last month to work together to push for the full implementation of the PERA Act of 2008. The MOA covers the framework for mutual cooperation, coordination and support to unify the efforts of both organizations in promoting PERA with the end goal of finally seeing PERA investment instruments launched.
The PERA Law was enacted to serve as a savings and investment mechanism for retirement planning similar to the 401K in the U.S. PERA also promotes the development of the country’s investment landscape as PERA contributions can be invested in instruments like unit investment trust funds, shares of stocks of mutual funds, annuity contracts, insurance pension products, pre-need pension plans, shares of stocks and other securities listed and traded in the stock exchange, exchange traded bonds and other products that will be authorized by regulators.
“Despite the passage of the enabling law in 2008, it has not been as easy coming up with the actual PERA because of the various challenges we encountered as we started working on the details. We are optimistic that with both organizations working hand in hand with government, we will be closer to achieving our goal,” said PSE President and CEO Hans B. Sicat.
Parties interested to attend the “Get to know more about RA 9505 – PERA Law” seminar may contact Ofelia Junio at +63(2) 894-2385 and Mr. Mark Bautista at +63(2) 688-7591.