Philippines pensions face up to default threat
Pera, or Personal Equity Retirement Account, is also the Filipino word for money. If the Pera bills before congress ever get passed, it could mean a lot more money heading into the domestic capital markets and the local fund management industry.
The overriding philosophy driving the Pera initiative is to encourage Filipinos to save for their own retirement, rather than rely on the existing creaky state pension systems. The Philippines has the lowest savings ratio of any big Asian economy and this has hampered the development of the domestic capital markets.
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