Legislative History
| House Bill/Resolution NO. HB00274 | |
| FULL TITLE : AN ACT ESTABLISHING A PROVIDENT PERSONAL SAVINGS PLAN KNOWN AS THE PERSONAL EQUITY AND RETIREMENT ACCOUNT | |
| SHORT TITLE : Personal Equity and Retirement Account (PERA) Act of 2004 | |
| ABSTRACT : "Personal Equity and Retirement Account (PERA) Act of 2004". About 20% of the country's total labor force are not covered by any form of retirement plan. Savings account cannot be depended upon to provide financial security to those not covered by retirement plans. Moreover, retirement or pension plans offered by pre-need companies are too expensive. A savings scheme is needed to encourage Filipinos to save for their retirement years. The bill provides for the establishment of a provident equity retirement account (PERA) which is a form of savings scheme that help improve the country's saving rate. It proposes to make contributions to the PERA 100% deductible from the taxable income of the contributor. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lacson (002 ) | 2. Codilla (006 ) |
| 3. Abayon (015 ) | 4. Jaraula (017 ) |
| 5. Villarosa (035 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Scheduled for first meeting/hearing on 2006-09-05 | |
| 2. Under study by the Technical Working Group(TWG) on 2006-09-26 | |
| 3. Approved by the Committee on 2006-11-21 | |
| 4. Transmmitted to the Committee on Ways and Means on 2006-11-21 | |
| MOTHER BILL: HB06078 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2006-08-30 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON BANKS AND FINANCIAL INTERMEDIARIES | |
| PREVIOUS COMMITTEE REFERRALS :PRIMARILY REFERRED TO BANKS AND FINANCIAL INTERMEDIARIES on 2004-07-27;SECONDARILY REFERRED TO WAYS AND MEANS on 2004-07-27;SECONDARILY REFERRED TO ECONOMIC AFFAIRS on 2005-03-02;SECONDARILY REFERRED TO WAYS AND MEANS on 2005-03-02; |
Abstract
"Personal Equity and Retirement Account (PERA) Act of 2004". About 20% of the country's total labor force are not covered by any form of retirement plan. Savings account cannot be depended upon to provide financial security to those not covered by retirement plans. Moreover, retirement or pension plans offered by pre-need companies are too expensive. A savings scheme is needed to encourage Filipinos to save for their retirement years. The bill provides for the establishment of a provident equity retirement account (PERA) which is a form of savings scheme that help improve the country's saving rate. It proposes to make contributions to the PERA 100% deductible from the taxable income of the contributor.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.