Angara secures the retirement years of domestic labor

Angara secures the retirement years of domestic labor force and OFWSWith the Philippines emerging as one of the top recipients of foreign remittances, Senator Edgardo J. Angara today emphasized the need to secure the financial stability of every hardworking overseas Filipino worker especially during their retirement years.

In a joint report of the United Nations' International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB), the Philippines ranked as the fourth-biggest collector of money transferred by overseas workers after receiving $ 14.65 billion last year.

"Overseas Filipino Workers make a huge contribution to our economy in terms of remittances. Their remittances provide for their families' day-to-day consumption, but leave very little savings for one's retirement.

It is time that we help them enjoy the fruits of their labor through long-term savings," said Senator Angara, who chairs the Senate Committee on Banks and Financial Institutions."If we help our OFWs save at least a substantial part of their total remittances, this would translate into a more dependable and sustainable retirement plan," he added.With this goal, Senator Angara sponsored the Personal Equity and Retirement Account (PERA) bill which will supplement the existing government-sponsored pension scheme provided by SSS and GSIS by setting up a privately funded retirement fund.

Senator Angara said that PERA will encourage long-term savings and reduce heavy reliance on the already overwhelmed publicly-funded retirement scheme.Under the PERA bill, an individual contributor may make a total maximum annual contribution of P50,000 to his PERA account.

The contributor shall be given an income tax credit equivalent to five percent (5%) of the total PERA contribution.Income from the contribution as well as the eventual distribution of the PERA to the contributor shall be tax-exempt. This amount is withdrawable when the contributor reaches the age of 55."By assuring their financial stability during retirement, we allow them to enjoy the fruits of many years of labor," Senator Angara said.

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