Bill Type
Congress Name
Long Title
AN ACT ESTABLISHING A PROVIDENT PERSONAL SAVINGS PLAN KNOWN AS THE `PERSONAL EQUITY AND RETIREMENT ACCOUNT'
Date filed
July 30, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 1665, 12th Congress of the Republic | |
| FULL TITLE : AN ACT ESTABLISHING A PROVIDENT PERSONAL SAVINGS PLAN KNOWN AS THE `PERSONAL EQUITY AND RETIREMENT ACCOUNT' | |
| ABSTRACT : This proposed measure seeks to introduce the Personal Equity and Retirement Account (PERA) which we hope will be accepted as an essential and valuable tool in encouraging savings for our people's retirement years. A PERA is a savings plan to achieve a comfortable and financially-sec ure retirement through a sound investment and planning scheme. Through a PERA, one is encouraged to save because certain contributions to the savings funds are deductible from the taxable income, and earnings of said savings are sheltered from taxation as they grow and are taxed only upon their withdrawal from PERA. | |
| PRINCIPAL AUTHOR/S : ABAD, FLORENCIO B. | |
| DATE FILED : 2001-07-30 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Teodoro (029 ) | 2. Dy (042 ) |
| 3. Syjuco (023 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE ACTION: jt. ref'ls as per J.17;p.15( Aug.28,200 1);change of cttee. ref'l as per J.39; p.17 | |
| MOTHER BILL: House Bill No. 6001, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2001-08-06 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON WAYS AND MEANS |
Abstract
"This proposed measure seeks to introduce the Personal Equity and Retirement Account (PERA) which we hope will be accepted as an essential and valuable tool in encouraging savings for our people's retirement years. A PERA is a savings plan to achieve a comfortable and financially-sec ure retirement through a sound investment and planning scheme. Through a PERA, one is encouraged to save because certain contributions to the savings funds are deductible from the taxable income, and earnings of said savings are sheltered from taxation as they grow and are taxed only upon their withdrawal from PERA."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.