Bill Type
Congress Name
Long Title
AN ACT ESTABLISHING A PROVIDENT PERSONAL SAVINGS PLAN KNOWN AS THE PERSONAL EQUITY AND RETIREMENT ACCOUNT (PERA)
Date filed
May 9, 2003
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 6001, 12th Congress of the Republic | |
| FULL TITLE : AN ACT ESTABLISHING A PROVIDENT PERSONAL SAVINGS PLAN KNOWN AS THE PERSONAL EQUITY AND RETIREMENT ACCOUNT (PERA) | |
| SHORT TITLE : The Personal Equity and Retirement Account (PERA) | |
| ABSTRACT : "Personal Equity and Retirement Account". This measure aims to promote the capital market development and savings mobilization by establishing the legal and regulatory framework of retirements plans comprised of voluntary personal savings and investments. Contributors to the personal equity and retirement account (PERA) shall retain ownership of the funds placed therein, including all the earnings of such funds. The PERA Investment Vehicles (common trust fund, mutual fund, annuity contract or pre-need pension plans dedicated solely for PERA purposes) shall be granted tax exemption privileges. | |
| PRINCIPAL AUTHOR/S : ABAD, FLORENCIO B. | |
| DATE FILED : 2003-05-09 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Angara-castillo | 2. De Venecia |
| 3. Barbers | 4. Zubiri |
| 5. Moreno | 6. Duavit |
| 7. Salceda | 8. Garcia |
| 9. Crespo | 10. Reyes |
| 11. Roman | 12. Beratio |
| 13. Puentebella | 14. Teves |
| 15. Ramirez-sato | 16. Uy |
| 17. Roco | 18. Locsin |
| 19. Defensor | 20. Gatchalian |
| 21. Castro | 22. Bondoc |
| 23. Lapus | 24. Antonino-custodio |
| 25. Durano | 26. Seachon |
| 27. Dimaporo | 28. Chungalao |
| 29. Yumul-hermida | 30. Remulla |
| 31. Aquino | 32. Lobregat |
| 33. Zamora | 34. Jaraula |
| 35. Rodriguez | 36. Lanot |
| 37. Martinez | 38. Badelles |
| 39. De Guzman | 40. Perez |
| 41. Ocampo | 42. Clarete |
| 43. Rosales | 44. Marcos |
| 45. Espino | 46. Villanueva |
| 47. Pablo | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Amin (077 ) | 2. Codilla (077 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 01453 | |
| SUBMITTED ON 2003-05-09 | |
| SUBMITTED BY: ECONOMIC AFFAIRS, WAYS AND MEANS | |
| RECOMMENDATIONS: approval | |
| SUBSTITUTED BILLS: House Bill No. 28, 12th Congress of the Republic, House Bill No. 192, 12th Congress of the Republic, House Bill No. 1665, 12th Congress of the Republic, House Bill No. 1757, 12th Congress of the Republic, House Bill No. 2648, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2003-05-14 | |
| DATE INCLUDED IN OB: 2003-05-14 | |
| DATE CALENDARED : 2003-06-02 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2003-06-04 | |
| DATE APPROVED ON SECOND READING : 2003-06-04 | |
| REMARKS : The Body approved to consider the Explanatory Notes of HB Nos. 28, 192, 1665, 1757 and 2648 as the sponsorship remarks. | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2003-07-29 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2003-08-04 | |
| HOUSE VOTES: YEAS:129 NAYS:0 ABSTAIN:.0 | |
| DATE TRANSMITTED TO THE SENATE: 2003-08-05 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2003-08-07 |
Abstract
"Personal Equity and Retirement Account". This measure aims to promote the capital market development and savings mobilization by establishing the legal and regulatory framework of retirements plans comprised of voluntary personal savings and investments. Contributors to the personal equity and retirement account (PERA) shall retain ownership of the funds placed therein, including all the earnings of such funds. The PERA Investment Vehicles (common trust fund, mutual fund, annuity contract or pre-need pension plans dedicated solely for PERA purposes) shall be granted tax exemption privileges.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.