IRR-REPUBLIC ACT NO. 9505-AMENDMENTS, February 08, 2023

[ IRR-REPUBLIC ACT NO. 9505-AMENDMENTS, February 08, 2023 ]

AMENDMENT TO THE REVISED RULES AND REGULATIONS IMPLEMENTING THE PERSONAL EQUITY AND RETIREMENT ACCOUNT (PERA) OF 2008 (REVISED PERA RULES)

Pursuant to Section 5 of the Republic Act No. 9505, also known as the Personal Equity and Retirement Act of 2008, the following amendment to PERA Rule 7 of the Revised PERA Rules is hereby approved and issued, to wit:

"PERA Rule 7. - Maximum Annual PERA Contributions.

A. Maximum Annual PERA Contribution and Tax Incentives thereto

The maximum amount of annual contribution entitled to a five percent (5%) tax credit shall be One Hundred Thousand Pesos (P100,000.00) or its equivalent in any convertible foreign currency at the prevailing rate at the time the Administrator receives the contribution. Such maximum amount shall be increased to Two Hundred Thousand Pesos (P200,000.00) or its equivalent in any convertible foreign currency, effective 1 January 2023.

If the contributor is married, each of the spouses shall be entitled to make a maximum annual contribution as provided herein, to his/her respective PERA.

Overseas Filipinos shall be allowed to make maximum contributions double the allowable maximum amount provided herein.

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The above amendment shall take effect fifteen (15) days after its publication in a newspaper of general circulation.

Approved on FEB 08 2023.

BANGKO SENTRAL NG PILIPINAS SECURITIES AND EXCHANGE COMMISSION

By: By:

(SGD.) FELIPE M. MEDALLA

(SGD.) EMILIO B. AQUINO

Governor

Chairman

INSURANCE COMMISSION BUREAU OF INTERNAL REVENUE

By: By:

(SGD.) DENNIS B. FUNA

(SGD.) ROMEO D. LUMAGUI, JR.

Chairman

Commissioner

DEPARTMENT OF FINANCE

By:

(SGD.) BENJAMIN E. DIOKNO

Secretary