The Bangko Sentral ng Pilipinas (BSP) has eased its rules to give overseas Filipinos more freedom to grow their retirement savings by allowing their funds to invest in central bank securities.
Under the new policy, Personal Equity and Retirement Account–Unit Investment Trust Funds (PERA-UITFs) are no longer bound by the 10-percent foreign ownership cap. The BSP said the revision acknowledges that these funds include contributors living abroad, who are classified as non-residents under existing regulations.
“The move reflects the BSP’s continued effort to promote financial health. It helps Filipinos, both at home or abroad, build secure and sustainable retirement savings,” the central bank said. “It also helps develop the country’s private pension system and strengthens domestic capital markets.”
Data from the BSP showed that PERA contributions reached P491.4 million in 2024, marking a 24-percent rise from P396.3 million in 2023. The number of contributors grew to 5,912, led by employed workers who accounted for P341.7 million in contributions from 4,211 participants. Overseas Filipinos contributed P82.25 million, while self-employed savers pooled P67.39 million.
Previously, nine of the 13 PERA-UITFs had surpassed the 10-percent non-resident ownership threshold, limiting their access to BSP securities. With the updated rule, these funds can now diversify their portfolios and potentially offer better returns to investors.
Despite the relaxation, trust entities must still maintain strict reporting and internal control systems. They are required to submit accurate and timely data on non-resident participation and ensure compliance with BSP’s regulations under the revised Section 601-Q of the Manual of Regulations for Banks and Non-Bank Financial Institutions.
UITFs, similar to mutual funds, are collective investment schemes managed by banks and trust companies under BSP oversight.
