The Bangko Sentral ng Pilipinas (BSP) has launched the Open Finance for PERA Pilot, an initiative to make it easier for Filipinos to open and manage Personal Equity and Retirement Account (PERA) savings and investments.
The program uses the BSP’s Open Finance framework, which allows secure and consent-based sharing of a customer’s financial data between institutions. This gives account holders more options and easier access to services.
“By making PERA the starting point for Open Finance, we make it part of a seamless digital ecosystem, making saving and investment simpler for everyone,” said Bangko Governor Eli Remolona Jr. “At the same time, we give Open Finance a jumpstart from concept to practice. This is more than innovation; this is financial health.”
PERA, created under Republic Act 9505, gives tax incentives to individuals and employers who set aside funds for retirement. It serves as a supplement to the Social Security System (SSS), Government Service Insurance System (GSIS), and other savings and investment options.
With Open Finance, Filipinos will be able to open PERA accounts by logging into their chosen provider’s platform and authorizing the use of bank or e-wallet know-your-customer (KYC) data. This removes the need to fill out manual forms or present physical IDs.
Among those present at the launch were PERA administrators ATRAM Trust Corporation (ATRAM), BDO Unibank, Inc. (BDO), and BPI Wealth – A Trust Corporation (BPI Wealth), which will handle investment management.
The pilot will soon enable account opening directly through participating apps, which the BSP says will make PERA more accessible and easier to use.