Circularizing the Additional Personal Equity Retirement Account (PERA) Unit Investment Trust Fund (UITF) Duly Approved by the Bangko Sentral ng Pilipinas

February 24, 2021 REVENUE MEMORANDUM CIRCULAR NO. 025-21 SUBJECT : Circularizing the Additional Personal Equity Retirement Account (PERA) Unit Investment Trust Fund (UITF) Duly Approved by the Bangko Sentral ng Pilipinas TO : All Internal Revenue Officers and Others Concerned Under Rule 1 of the Rules and Regulations Implementing Republic Act No. 9505, otherwise known as the Personal Equity Retirement Account (PERA) Act 2008, and Section 9 of Revenue Regulations (RR) No. 17-2011, all income earned from the investments and re-investments of PERA assets in PERA investment products shall be exempt from income taxes provided the said PERA investment products have been duly accredited by the concerned Regulatory Authority. To supplement the list contained in Revenue Memorandum Circular (RMC) No. 131-2016 dated December 13, 2016 and RMC No. 30-2017 dated April 12, 2017, hereunder is an additional PERA Unit Investment Trust Fund (UITF)/investment product duly approved/accredited by the Bangko Sentral ng Pilipinas (BSP), as confirmed by the latter in its letter 1 dated January 22, 2021, to wit: Name of Bank Name of Fund Sub-Type Detailed Type of Fund Denomination Date of BSP Approval Philippine National Bank PNB PERA Bond Fund Bond Medium Term PERA Bond Fund Philippine Peso January 21, 2021 It is emphasized that only income earned from the investments and re-investments of PERA assets in duly accredited/approved PERA investment products shall be exempt from income taxes under Rule 11 of the Rules and Regulations Implementing the PERA Act 2008, and Section 9 of RR No. 17-2011. Moreover, income from investments and re-investments of PERA assets in government securities is likewise exempt from income taxes under the said provisions. All concerned are hereby enjoined to be guided accordingly and give this circular as wide a publicity as possible. DETACa (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue ATTACHMENT Bangko Sentral ng Pilipinas PERSONAL EQUITY AND RETIREMENT ACCOUNT TECHNICAL WORKING GROUP January 22, 2021 MS. MARIA LUISA I. BELEN Assistant Commissioner Bureau of Internal Revenue Room 509 5th Floor National Office Building, 1101 Diliman Quezon City Dear Ms. Belen: Subject : Approval of PNB PERA Bond Fund as Accredited PERA Investment Product [TAMSD-202011-0023d] Pursuant to Rule 5 of the Rules and Regulations Implementing Republic Act No. 9505, otherwise known as the Personal Equity and Retirement Account (PERA) Act of 2008 and the regulations of the Bangko Sentral ng Pilipinas (BSP) governing the creation of Unit Investment Trust Funds (UITFs) provided under Sections 414 (UITFs) and 1121 (PERA) of the Manual of Regulations for Banks (MORB), we wish to inform that the BSP has approved the creation of PNB PERA Bond Fund under Monetary Board Resolution No. 70 dated 21 January 2021. The Fund details are shown below. Name of Institution Philippine National Bank Fund Name PNB PERA Bond Fund Fund Type Medium Term PERA Bond Fund Denomination Philippine Peso Investment Objective The PNB PERA Bond Fund is a Unit Investment Trust Fund qualified as a PERA Investment Product that is invested in a mixed portfolio of bank deposits and other fixed income instruments with a maximum average duration of up to five years. Minimum Holding Period 30 calendar days Trust Fee 1% per annum based on the fund value Risk Profile of Investor Moderate Very truly yours, (SGD.) JOSE RECON S. TANO Head Footnotes 1. Attached hereto as Annex A.