SEC names DragonFi first PERA administrator
At a recent meeting, the SEC En Banc granted effective approval to DragonFi Securities as a PERA administrator, contingent upon the firm meeting certain remaining requirements
At a recent meeting, the SEC En Banc granted effective approval to DragonFi Securities as a PERA administrator, contingent upon the firm meeting certain remaining requirements
The Securities and Exchange Commission’s (SEC) move to expand the pool of accredited Personal Equity and Retirement Account (PERA) administrators is expected to make retirement savings more accessible to Filipinos.
In a statement on Thursday, the SEC said it has approved the first PERA administrator under its regulation, marking a key milestone in the effort to enhance the country’s pension system.
The approval follows SEC Memorandum Circular (MC) 14, Series of 2024, which outlines the accreditation guidelines for PERA market participants.
The circular expands the eligibility of PERA administrators to include securities brokers, investment houses, and investment company advisers or fund managers.
At a recent meeting, the SEC en banc granted effective approval to DragonFi Securities as a PERA administrator, contingent upon the firm meeting certain remaining requirements.
“We issued MC 14 last September, recognizing the potential of our pension system to broaden public participation in corporate value creation and strengthen the capital market,” SEC chairperson Emilio B. Aquino said.
“This approval is a significant step toward empowering Filipinos to secure their financial future while easing fiscal pressures on the government in the long run,” he added.
PERA, established under Republic Act 9505 or the PERA Act of 2008, is a voluntary retirement savings program that provides tax incentives to encourage long-term saving.
It supplements retirement benefits from the Social Security System, Government Service Insurance System and employer-sponsored plans.
Under SEC guidelines, PERA administrators must maintain a minimum net worth of P100 million, adhere to a Manual of Corporate Governance, and present an organizational structure for personnel handling PERA administration.
They are also required to possess adequate systems, technical expertise, and technological capabilities for managing various PERA investment products.
Additionally, administrators must ensure they have trained personnel capable of educating contributors about the nature, risks, and benefits of PERA as well as other essential requirements of the investment product.
