PERA Bill Gains Progress in Senate

Manila Bulletin, August 22, 2006 | Go to article overview
Save to active project

PERA Bill Gains Progress in Senate


Byline: JAMES A. LOYOLA

Related legislative bills which aim to create the Personal Equity and Retirement account have been consolidated into a substitute bill which is ready for sponsorship and plenary deliberations and debate in the Senate.

The PERA bills, envisioned to help ordinary Filipinos save more money for their old age, have hurdled deliberations at the Senate Committee on Banks, Financial Institutions and Currencies.

PSE president Francis Lim, who helped crafted the bill, immediately expressed gratitude to Senator Edgardo Angara's committee as "this is a step in the right direction towards developing the local capital market."

"I hope the House will come out with the companion bill so that this long-awaited legislation will become a reality soon," Lim added.

Under the endorsed PERA Law, workers will enjoy the following tax benefits:

--a tax credit, equivalent to five percent of the members' PERA contributions;

--a tax exemption for the income of their PERA contribution; and

--a tax exemption for the distribution of their PERA contributions.

The enjoyment of the tax perks is subject to certain conditions.

For instance, the bill states that, while a PERA contributor shall get a tax credit, no tax refund shall be given. A tax credit can be deducted from a tax that is due to be paid by a taxpayer to the Bureau of Internal Revenue (BIR).

Although all income to be derived by the PERA is tax exempt, the proposed bill also states that the tax exemption can be enjoyed, only if the PERA account is invested solely in "PERA Investment Products" in the Philippines.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

PERA Bill Gains Progress in Senate
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?