As overseas Filipino workers (OFWs) work hard abroad, one thing they should keep in mind is that they probably would not be employed for a lifetime there. So it takes careful planning and preparation to ensure that an OFW will have a bright future once the time comes to stop working and to return to the country for good.
Opening a PERA (Personal Equity & Retirement Account) investment account can be a good way of preparing for your future retirement.
It is even possible to open an account if you are currently out of the country. Besides, PERA LAW permits OFWs worldwide to become contributor-investor through the following means:
- Account opening via personal appearance
- Account opening via spouse (husband or wife)
- Account opening via child (son or daughter)
To be a little more specific, OFWs are allowed a maximum of P200,000 PERA investment per year. On the other hand, non-OFWs are limited to only P100,000.
So how does one get started with this? Here are the details:
Ask Your Family Member to Visit an Administrator Bank
To open an account, you should ask one of your family members (either your spouse or child) to visit an Administrator Bank in your behalf. As of present time, the Bangko Sentral ng Pilipinas (BSP) has designated the Bank of Philippine Islands (BPI) and Banco de Oro (BDO) as administrator banks.
The requirements are listed below so prepare all these items first before making a visit. However, it is also advisable that you contact your preferred bank in advance just to make sure. There may be instances when they will need additional requirements not mentioned here.
Opening an Account by Personal Appearance
In case you are still in the country or are here for a vacation, then you can opt to make a personal appearance for opening your account. The requirements would be:
- Overseas Employment Certificate issued by the Philippine Overseas Employment Administration (POEA).
- An official document that will prove that you will earn or has earned income in a foreign country in the year of the PERA contribution.
Opening an Account by a Spouse
Your husband or wife may also open an account in your absence. Your spouse will need to submit:
- Marriage certificate
- Sworn certification that the spouse is opening a PERA account for an in behalf of the OFW who has not available of any benefits under the PERA Act.
- Supporting documents attesting OFW status.
READ ALSO: GUIDE ON HOW TO OPEN BDO DOLLAR ACCOUNT
Opening an Account by a Child
If a spouse is not possible or available for some reason, your child may also open an account for you provided that these requirements are met:
- Birth certificate indicating that he or she is the OFW’s child
- Sworn certification that the child is opening for an in behalf of the OFW who has not available of any benefits under the PERA Act.
- Supporting documents attesting OFW status.
As mentioned earlier, it is best to contact your PERA bank first to ask for any additional requirements so you can prepare them ahead of time.
Good luck to opening an account and for preparing for your future retirement!