December 2, 2014
BSP MEMORANDUM NO. M-2014-045
| TO | : | All BSP Supervised Entities |
| SUBJECT | : | Operational Guidelines on the Administration of the Personal Equity and Retirement Account (PERA) |
Pursuant to Republic Act No. 9505 also known as the Personal Equity and Retirement Account (PERA) Act of 2008 (PERA Act) and its Implementing Rules and Regulations (PERA Rules), the following operational guidelines on the administration of PERA are hereby issued, certain capitalized terms herein used shall have the definitions ascribed to them in the PERA Rules unless the context otherwise requires.
I. Account Opening
A. Eligibility Review and Pre-acceptance Disclosure
1) Only a natural person who has the capacity to contract and has a Tax Identification Number (TIN) can be a Contributor.
2) The Administrator shall —
(a) Determine the exclusivity of PERA administration through an on-line validation in the PERA Contributors' Database (PERA System).
(b) Observe the following rules prior to any account opening:
i. A Contributor shall designate and maintain only one (1) Administrator for all his PERA;
ii. A Contributor may create and maintain a maximum of five (5) PERA at any one time;...
