Regulatory Alerts2026-08-20
Added
Guidelines on the Offering of Time Deposits as Personal Equity and Retirement Account (PERA) Investment Products
Banks must comply with prudential criteria under Section 111 of the Manual of Regulations for Banks (MORB) to offer Personal Equity and Retirement Account (PERA) time deposits. Institutions must notify the Bangko Sentral within 10 banking days of Board of Directors approval by submitting a notification letter, corporate secretary's certificate, and compliance certification. Banks are prohibited from offering or accepting placements until obtaining accreditation from the Bureau of Internal Revenue and entering into a written arrangement with an accredited PERA Administrator. The guidelines mandate specific product features, including a minimum 30-day maturity, market-based interest rates, and clear naming conventions, alongside mandatory disclosures and enrollment in the PERASys registry.