MANILA, Philippines – The Philippines’ biggest private employer is putting an increasingly used retirement product in front of tens of thousands of its workers.

Concentrix Philippines is rolling out an employer-matched Personal Equity and Retirement Account (PERA) for its employees nationwide through investment platform DragonFi, potentially giving the government’s tax-advantaged retirement program one of its biggest corporate pushes yet.

DragonFi and Concentrix described the initiative as the largest employer-matched PERA program offered to Filipino IT-BPM workers. Concentrix describes itself as the largest private employer in the Philippines across all industries, with over 100,000 employees in the country.

Bringing PERA into a workforce this large could be a big boost for a retirement program that has yet to gain mass adoption but is quickly growing. By June 30, 2026, the number of PERA contributors had surged to 30,055, nearly five times the 6,193 recorded a year earlier, with combined investments reaching P755.6 million, according to Bangko Sentral ng Pilipinas data shared with Rappler.

So what exactly is PERA?

In a sense, PERA is the Philippine’s counterpart to tax-advantaged individual retirement accounts in other countries, like the 401(k) system in the US.

Created under the PERA Act of 2008, it is a voluntary retirement savings program meant to supplement SSS, GSIS, company retirement plans, and a worker’s other investments. Money placed in a PERA can be invested in qualified products, including money market, bond, and equity funds. Note that while you can’t freely pick out any individual stocks or bonds that you may like, you can select from a list of PERA-qualified securities, such as eligible stocks under the PSEi and PSE Dividend Yield Index, as well as REITs.

One of its main attraction is the tax treatment.

An employee or self-employed Filipino may contribute up to P200,000 a year, while overseas Filipinos may contribute as much as P400,000. Qualified contributions earn a 5% tax credit, meaning someone contributing the full P200,000 may receive up to P10,000 in tax credits. Investment income earned by qualified PERA investments is also tax-exempt, as are qualified retirement withdrawals.

For those interested to open a PERA, just remember that it’s designed for retirement, not as a savings account that you can freely dip into.

To make a qualified tax-free withdrawal, a contributor generally has to be at least 55 years old and have contributed for at least five years. Early withdrawals can trigger penalties and the repayment of tax incentives, with limited exceptions such as prolonged hospitalization or permanent total disability. – Rappler.com

Finterest is Rappler’s series that demystifies the world of money and gives practical advice on managing your personal finances.

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