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Why OFWs Need To Invest in P.E.R.A. While Abroad

At last, PERA is here! After half a decade of waiting and being a #Paasa to many Filipinos, especially OFWs, the government has finally launched it to help promote long-term investments.

But what is PERA?

PERA is the acronym for PERSONAL EQUITY and RETIREMENT ACCOUNT. This is a voluntary retirement account, which an individual can set up for his/her exclusive use and benefit. It is similar to the 401(K) of the United States of America that serves as a financial instrument for retirement.

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How Can A Filipino Be Qualified To Be A PERA Investor?

The main qualification for a Filipino to invest in PERA is to have a TIN or a Tax Identification Number. Now this is a problem I have encountered for several years. There are so many OFWs without TIN or may have forgotten theirs as they have been working for so many years already overseas.

There are two things that OFWs can do to have TIN:

1. Call the BIR Hotline (632)981-888 and ask for assistance to check if you already have a TIN. You may mention the names of the companies you worked with back in the Philippines to make it easier for them to help you.

2. Write an authorization letter that your representative back home can bring to the BIR. This letter should allow them to apply for a TIN for you. You should also send at least one of your Philippine government-issued ID to accompany your authorization letter.

Why Should OFWs Invest in PERA?

We always dream about how we should spend the rest of our golden years. As much as possible we want to enjoy our retirement years in simple yet comfortable lifestyle.

It is therefore very important, especially for OFWs, to plan everything to achieve whatever goals you have. Planning for retirement requires long term vision, discipline, and commitment. One also has to learn how establish funds, invest it in placements that grow to achieve the needed amount for retirement years, and preserve them in order to not derail those original plans. 

Now that PERA is here, OFWs are finally blessed with another low-risk investment option to prepare for their retirement.

Here are just few reasons why PERA may be the most suitable investment vehicle for many OFWs:

1.  Higher returns. Investing in PERA will grow faster and higher than just leaving your money in your bank savings deposit account. This is because your money will be invested either in stocks, mutual funds, bonds, UITF’s, and many other financial instruments.

2.  Maximum limit on investment. Since many OFWs earn more than their fellow Filipinos back home, they are provided the benefit of being able to invest up to Php200,000 annually. Filipinos working in the Philippines can invest up to Php100,000 only.

3. Tax benefit for OFWs. OFWs are entitled to claim tax credit from any tax payable to the national government. For example, if you have real properties or similar assets, you can claim tax credits under your name in the Philippines. If you also withdraw your investment only after you are 55 years old, you are exempted from being taxed.

4. You may assign a representative to open a PERA account for you. For married OFs who cannot directly open a PERA, his/her legitimate spouse or legitimate spouse and children based in the Philippines may represent him/her in opening a PERA.

Excited to save now and lessen your unnecessary spending? Congratulations! Now’s your chance to start preparing for your retirement by investing in PERA this year!

Watch this video to learn more:

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Join the OFW UsapangPiso Facebook Group to learn how to plan your finances the right way and how to grow your money in various financial instruments and investment vehicles such as stocks, mutual funds, UITF’s, bonds, money market, real estate, and others.

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P.S. 1. Are you an OFW who’s been looking for a investment placement where your money could grow higher than your time deposit accounts? Are you outside of Metro Manila and would like to start investing in mutual funds but have no personal advisors to help you out? Click here so I can help you open a mutual fund account NOW! .

P.S. 2. Due to popular demand, my good friend and business partner Jon Orana will be releasing again his online program called the Internet Business Master Class. This exciting online learning program is about creating and selling e-books in the internet. Here’s a FREE 23-page step-by-step guide on how to make money selling e-books including which topics to write. Download this FREE video series to learn more! Click here!

P.S. 3. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at burngutierrezblog@gmail.com if you have any questions. Click here to join!

P.S. 4. My co-author/illustrator Des Feliciano and I have just launched our “The Adventures of Pepot Kuripot and Dora Gastadora” comic book! It’s arguably the first and only personal finance-influenced comic book in the Philippines. You may grab your copy before Christmas at your favorite National Bookstore and Powerbooks outlets. Or you can grab your copy yourself at ilovemilktea in Las Pinas City. Now available also in Australia, Saudi Arabia, Japan, Singapore, and the USA! Email des_feliciano@yahoo.com for more details.
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P.S. 5. Yes, our Cyberpreneur Philippines book is now out in bookstores! Check out the chapters from my fellow authors Ray Calbay, Fitz Villafuerte, Ginger Arboleda, Kristel Silang, Marv de Leon, Paolo Lising, Anne Quintos, and other great online entrepreneurs and experts! Score your copy here now!

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One thought on “Why OFWs Need To Invest in P.E.R.A. While Abroad”

  1. HI PO SIR, GUSTO KO PO MALAMAN PA PO DETAILS NG PERA, SAKA SA PAG OPEN DIN PO NG ACCOUNT. MARAMING SALAMAT PO

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