Manila, Nov. 3 -- Finance Secretary Frederick Go is looking at improvements to the Personal Equity and Retirement Account (PERA) program to encourage more Filipinos to save for retirement.

The Department of Finance (DOF) is examining adjustments to the current annual contribution limits to help contributors set aside more money for their retirement.

Go is also considering establishing a uniform annual contribution limit to simplify regulations and promote greater equity.

Currently, regular contributors may contribute up to PHP200,000 annually, while overseas Filipino workers (OFWs) are allowed to contribute up to PHP400,000 per year.

The review will also consider policy and regulatory improvements to address barriers to participation,...