PERA contributions rise 24% in 2024

Voluntary retirement contributions rose by 24 percent to P491.39 million in 2024 from P396.31 million in 2023, as Filipinos prioritized savings amid economic uncertainties and rising living costs, according to the Bangko Sentral ng Pilipinas.

- By KEISHA TA-ASAN

Data from the BSP showed the number of contributors to the Personal Equity and Retirement Account (PERA) stood at 5,912 as of December 2024, 6.4 percent higher than the 5,555 a year ago.

Broken down, 4,211 employed individuals contributed P341.75 million to the fund as of end-2024, followed by 789 overseas Filipino workers (OFWs) with P82.25 million and 912 self-employed individuals with P67.39 million.

John Paolo Rivera, senior research fellow at the Philippine Institute for Development Studies, said the increase in PERA contributions last year reflects a growing awareness among Filipinos about the value of retirement planning, despite the relatively low number of participants.

"More Filipinos, especially the employed sector, are recognizing the need to secure their retirement, given economic uncertainties and the rising cost of living," he said.