The number of Filipinos enrolled in Personal Equity and Retirement Accounts (PERA) surged nearly fivefold as of end-June, according to a report by Philstar Biz. The sharp increase reflects growing interest in the voluntary retirement savings program, particularly among self-employed individuals.
Data showed that self-employed contributors accounted for a significant portion of the growth, as wider access through digital enrollment channels made it easier to join. PERA, which offers tax incentives and flexible contribution options, has been promoted by the government to boost retirement savings among workers without employer-sponsored plans.
Industry observers said the surge indicates a positive shift in retirement planning awareness, though the overall base remains small compared to the total labor force. Continued expansion depends on sustained financial literacy campaigns and further streamlining of the enrollment process.