Retirement, resilience and showing up

I spent Friday night at BGC not for a night out in some -swanky bar or speakeasy but at the Philippine Stock Exchange tower with PSE president and CEO Ramon Monzon and PSE COO Roel Refran.

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The indefatigable Monzon hosted a press get together for reporters who have covered or are covering the stock market beat following a hectic though topsy-turvy time for the market last year.

With all that's going on in the country, there were many issues discussed, not without banter and the occasional sighs of frustration.

But one topic that particularly caught my interest was PERA or the Personal Equity Retirement Account, a 401k-type retirement account which Monzon said must be highly encouraged in the country.

Employers, he said, can provide their employees with this type of benefit by shouldering a portion of the contributions, a really good way to encourage Filipinos to save for retirement. This is especially ideal for companies with employees of 200 to 300 people because that size is manageable, he said.

I agree with Monzon. Not surprisingly, Filipinos don't think of retirement. For many of us, planning for retirement is a luxury we can't afford, given all the daily expenses.

But PERA can actually change that. It is a voluntary three-in-one investment, savings and retirement account designed to provide financial security and tax benefits for Filipino adults who save up for retirement.

You put in the amount you can save, no matter how small. Consistency is key.

It's also a win-win for the market, said the PSE chief, because it would boost liquidity as PERA holders have the option to invest their money in the stock market.