ONLY about one in 10 Filipinos—11 percent, according to a recent survey on financial inclusion conducted by the BSP—have savings for retirement or old age, a statistic that might not be alarming to our country’s young population now, but inevitably will be if the savings rate does not improve in years to come.

That is why people should take heed of the statement more than a week ago by Sen. Edgardo “Sonny” Angara touting or promoting the Personal Equity Retirement Account (PERA), a personal, voluntary retirement savings plan created by Republic Act 9505 in 2008 and finally implemented in late 2016.

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