Even as we pursue efforts to deepen the local debt market, the BSP actively worked on improving access to investment products. For instance, the Personal Equity Retirement Account (PERA) was launched late last year. This was done with the strong support of the industry. The program provides an opportunity for capital market gains to be enjoyed by a wider retail base.
Further, we continue to pursue a related legislative agenda such as the Collective Investment Schemes Law (CISL) to provide a harmonized legal framework for pooled vehicles of investments. Given the Philippines’ young demographic profile, these efforts can also translate to the mobilization of a sizeable and sustainable amount of savings towards financing the country’s long-term infrastructure requirements and developmental programs.