Vol. XXII, No. 20
Friday, August 22, 2008 | MANILA, PHILIPPINES
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Today’s Headlines
PERA bill becomes law today
Tax-free private pension schemes expected to boost savings rate, economy
A LAW ALLOWING for tax-free private pension schemes aimed at encouraging workers to save for their retirement will be signed today by President Gloria Macapagal-Arroyo.
Palace ceremonies this morning will be attended by leaders of the House of Representatives and the Senate, as well as officials of the Philippine Chamber of Commerce and Industry, Employers Confederation of the Philippines, and the Philippine Stock Exchange.
"It is a very welcome development because this is a long-overdue bill," House Majority Leader Arthur D. Defensor said in a telephone interview.
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