1 month ago
9
Richmond Mercurio - The Philippine Star
February 12, 2025 | 12:00am
The fund will support 2,000 Filipinos, aged 18-35, in jumpstarting their retirement savings.
Philstar.com / File
MANILA, Philippines — Tycoon Edgar “Injap” Sia II has pledged a P10 million matching grant fund to encourage more Filipinos to start investing in a Personal Equity and Retirement Account (PERA).
The fund will support 2,000 Filipinos, aged 18-35, in jumpstarting their retirement savings.
Under the initiative, each participant who contributes their first P5,000 to their PERA account will receive an additional P5,000 in matching funds, effectively doubling their investment.
“This P10 million matching grant fund is one of my ways as a passionate Filipino entrepreneur, through my business endeavors now and in the future, here and abroad, to contribute as much as I can toward our common patriotic goal toward a first world Philippines,” Sia said.
Sia is the chairman of listed property company DoubleDragon Corp.
DoubleDragon’s stock brokerage arm, DragonFi Securities Inc., is the first PERA administrator accredited by the Securities and Exchange Commission (SEC).
“I hope that through the PERA program and this initial grant, we’re not only paving the way for 2,000 Filipinos to become future millionaires but also igniting a movement that will empower millions of young Filipinos to achieve financial independence within our lifetimes,” Sia said.
The P20 million infusion into PERA – comprising P10 million from contributors and P10 million from the grant – is expected to result in a four percent increase in total PERA contributions.
PERA, which was introduced by the Bangko Sentral ng Pilipinas in 2016, is a voluntary retirement saving program available to the public in addition to existing retirement benefits from Social Security System, Government Service Insurance System and employer-sponsored plans.
It offers contributors tax benefits not available in other retirement investment products to encourage Filipinos to save for their future.
As the first SEC-accredited PERA administrator, DragonFi said that it is committed to making retirement savings more accessible, transparent and efficient.
“Our mission is to ensure that every working Filipino has the ability – and the motivation – to invest in their future,” DragonFi CEO Jon Carlo Lim said.
Lim cited the importance of continuously evolving the PERA framework, ensuring that it aligns with global best practices and serves as a true catalyst for deepening the country’s capital markets.
“With strong support from regulators, businesses and individual investors, PERA has the potential to reshape the way Filipinos prepare for retirement,” he said.
Filipinos will soon be able to open PERA accounts through DragonFi when the platform launches its PERA services in the second half.
SEC commissioner McJill Bryant Fernandez said the certification of DragonFi as the first SEC-accredited PERA administrator marks a major milestone in the promotion of long-term investing and financial security for Filipinos.
“This is a key undertaking that reflects our shared commitment to advancing the Philippine capital market and ensuring the financial well-being of every Filipino. DragonFi’s accreditation signals a new chapter in making retirement savings more accessible and efficient for Filipinos,” Fernandez said.
