BSP launches Open Finance pilot to boost PERA access

The Bangko Sentral ng Pilipinas (BSP) on July 29 launched a pilot project that uses Open Finance technology to simplify access to the Personal Equity and Retirement Account (PERA), aiming to encourage more Filipinos to save for retirement.

The initiative, called “Open Finance for PERA Pilot,” was unveiled at the BSP head office in Manila with top officials, banks, e-wallet providers, and PERA administrators in attendance.

The pilot leverages the BSP’s Open Finance framework, which enables secure and consent-driven sharing of a customer’s financial data across institutions, allowing more seamless onboarding and account management.

“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,” BSP Governor Eli M. Remolona Jr. said during the launch.

“At the same time, we give Open Finance a jumpstart from concept to practice. This is more than innovation; this is financial health,” he added.

The Open Finance approach allows users to open PERA accounts through their chosen digital platforms—such as banking apps or e-wallets—by authorizing the use of existing Know-Your-Customer (KYC) data, eliminating the need to fill out physical forms or present identification cards.

PERA, established under Republic Act No. 9505, is a voluntary retirement savings program that offers tax incentives to contributors and their employers.

It complements existing retirement systems such as the Social Security System (SSS) for private workers and the Government Service Insurance System (GSIS) for public employees.

Participants in the pilot include major financial institutions: Land Bank of the Philippines, Maya Philippines Inc., Metropolitan Bank & Trust Co., Philippine National Bank, Rizal Commercial Banking Corp., UnionBank of the Philippines, and G-Xchange Inc., operator of GCash.

These firms will enable account opening and access to PERA through their digital platforms.

Meanwhile, ATRAM Trust Corp., BDO Unibank Inc., and BPI Wealth—designated PERA administrators—will manage users’ retirement investments.

Among the officials who attended the event were Monetary Board Members Rosalia V. De Leon, Walter C. Wassmer, and Jose L. Querubin; and BSP Deputy Governors Chuchi G. Fonacier, Mamerto E. Tangonan, and Bernadette Romulo-Puyat.

Managing Director Eugene C. Teves also joined the ceremony, along with corporate leaders from participating financial and investment firms.

The pilot aims to integrate retirement planning into everyday digital finance, addressing the low PERA uptake since its inception in 2008.

As of the latest data, PERA contributions remain modest despite offering up to PHP 100,000 in annual tax-exempt contributions for individuals, and PHP 200,000 for overseas Filipino workers.

By simplifying the account opening process through Open Finance, BSP hopes to close the retirement savings gap and promote long-term financial health.

BSP Circular No. 1122 provides the legal foundation for Open Finance, setting standards for data access, customer consent, and institutional accountability.

The BSP plans to monitor the pilot’s results before expanding the Open Finance model to other financial services such as credit, insurance, and investments.