MANILA, Philippines — DragonFi Securities Inc., the stock brokerage arm of Edgar “Injap” Sia’s DoubleDragon Corp., has become the first Personal Equity and Retirement Accounts (PERA) administrator accredited by the Securities and Exchange Commission (SEC).
The SEC said that its commission en banc has resolved to render effective the application of DragonFi Securities as PERA administrator, subject to the company’s compliance with certain remaining requirements.
“This approval is a significant step toward empowering Filipinos to secure their financial future while easing fiscal pressures on the government in the long run,” SEC chairperson Emilio Aquino said.
The SEC’s approval of the first PERA administrator under its regulation is in accordance with the commission’s Memorandum Circular (MC) 14 issued last year.
The circular expanded the categories of entities eligible to register as PERA administrators to include securities brokers, investment houses and investment company advisers or fund managers.
“We issued MC 14 last September, recognizing the potential of our pension system to broaden public participation in corporate value creation and strengthen the capital market,” Aquino said.
Established under Republic Act 9505, PERA is a voluntary retirement saving program available to the public in addition to existing retirement benefits from Social Security System, Government Service Insurance System and employer-sponsored plans.
It offers contributors tax benefits not available in other retirement investment products to encourage Filipinos to save for their future.
Under the SEC guidelines, a PERA administrator is required to maintain a net worth of at least P100 million, provide a clear and sufficient organizational plan or structure of its personnel who will perform PERA administration functions as well as possess adequate systems, technological capabilities and necessary technical expertise to administer all types of PERA investment products.
Further, the PERA administrator must have sufficient personnel who have undergone the requisite training prescribed or approved by the SEC to educate PERA contributors on the nature of a PERA and the requirements, risks and benefits of the investment product, among others.
As a financial institution, DragonFi Securities offers innovative and user-friendly trading and investment solutions.
Leveraging technology to empower investors, the company is committed to enhance the investing experience for Filipinos, promote financial literacy and foster a culture of investment in the country.