DRAGONFI Securities, Inc. has secured a P10-million matching grant fund after its recent launch as the first personal equity and retirement account (PERA) administrator accredited by the Securities and Exchange Commission (SEC).
The grant, which came from DragonFi Co-Founder and DoubleDragon Corp. (DD) Chairman Edgar “Injap” J. Sia II, seeks to encourage more Filipinos to invest in PERA, the stock brokerage said in an e-mail statement on Tuesday.
DragonFi is the stock brokerage arm of DD. The grant is expected to support 2,000 Filipinos aged 18 to 35.
Each participant who contributes the first P5,000 to their PERA account will receive an additional P5,000 in matching funds, doubling their investment.
DragonFi said the creation of 2,000 new accounts will result in a 35% increase in the country’s overall number of accounts.
It added that the P20-million infusion into PERA, consisting of the P10 million from contributors and P10 million from the grant, will generate a 4% increase in total PERA contributions.
“I hope that through the PERA program and this initial grant, we’re not only paving the way for 2,000 Filipinos to become future millionaires but also igniting a movement that will empower millions of young Filipinos to achieve financial independence within our lifetimes,” Mr. Sia said.
Following the launch, DragonFi aims to introduce its PERA services in the second half of this year.
“With strong support from regulators, businesses, and individual investors, PERA has the potential to reshape the way Filipinos prepare for retirement,” DragonFi Chief Executive Officer Jon Carlo Lim said.
In September last year, the SEC issued Memorandum Circular No. 14 that included securities brokers, investment houses, and fund managers as eligible PERA administrators.
PERA refers to a voluntary retirement saving program on top of existing retirement benefits from the Social Security System, Government Service Insurance System, and employer-sponsored plans.
“DragonFi’s accreditation signals a new chapter in making retirement savings more accessible and efficient for Filipinos,” SEC Commissioner McJill Bryant T. Fernandez said.
“This is a key undertaking that reflects our shared commitment to advancing the Philippine capital market and ensuring the financial well-being of every Filipino,” he added.
On Tuesday, DD shares were unchanged at P10 apiece. — Revin Mikhael D. Ochave
