Multimodal multi-label emotion recognition is important for affect-aware systems, but models trained with complete text, visual, and acoustic streams often degrade sharply when some streams are unavailable at deployment. We address this train-test gap by learning a compact representation that preserves emotion-specific evidence from any available subset of modalities. We propose the Multi-modal Emotion Recognition Perceiver (MERP), which maps the joint sequence into a fixed-size latent bank, thereby keeping repeated reasoning independent of raw input length; it extracts label-specific evidence before and after latent reasoning and aligns the two levels through reconstruction. MERP further uses positive and negative class prototypes, a noise-gated feature enhancer with frequency-shaped perturbations during training, and confidence-aware class-wise fusion to strengthen separability, reduce sensitivity to missing inputs, and combine complementary predictors. Under 20 percent test-time random modality drop, MERP achieves micro-F1 scores of 0.563 on CMU-MOSEI and 0.780 on M3ED, exceeding the strongest evaluated baselines by 0.004 and 0.005, respectively; in the severe CMU-MOSEI audio-only setting, it retains 0.473 micro-F1 versus 0.022 for LDDU. These results show that fixed latent reasoning provides a practical, testable route to robust multimodal emotion recognition without requiring missing-modality examples during training. Code is available at https://github.com/Creative-zcx/MERP.

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