BSP launches pilot to accelerate open finance and PERA retirement program

​On 29 July 2025, the Bangko Sentral ng Pilipinas (BSP) launched the Open Finance for PERA Pilot at its Head Office in Manila. The project aims to make it easier for Filipinos to access Personal Equity and Retirement Account (PERA), encouraging retirement savings and investments.

​This initiative leverages the BSP’s Open Finance framewor, which allows secure, consent-based sharing of customers financial data across institutions. This provides the owner with more choice and convenience.

Established under RA 9505, PERA offers tax incentives to Filipinos and their employers for setting money aside for retirement. It supplements Social Security System (SSS), Government Service Insurance System (GSIS) and other savings and investment instruments.

The BSP sees Open Finance as means to expand financial choice and convenience. With Open Finance, Filipinos can open PERA accounts by logging into their chosen provider’s platform and authorizing bank or e-wallet KYC data sharing. This eliminates the need for manual forms and ID checks.

“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 BSP Governor Eli M. 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,” he added.

Attendees included representatives from participating financial institutions Land Bank of the Philippines (LBP), Maya Philippines, Inc. (MPI), Metropolitan Bank & Trust Corporation (MTBC), Philippine National Bank (PNB), Rizal Commercial Banking Corporation (RCBC), UnionBank of the Philippines (UBP), and G-Xchange, Inc. (GXI), who will enable their customers to open PERA.

Also present were PERA Administrators ATRAM Trust Corporation (ATRAM), BDO Unibank, Inc. (BDO), and BPI Wealth – A Trust Corporation (BPI Wealth), who will manage the investments.

The pilot will soon allow users to open accounts directly via participating apps, making PERA more accessible and user-friendly.

Participants and speakers included Monetary Board Members Rosalia V. De Leon, Walter C. Wassmer, and Jose L. Querubin; BSP Deputy Governors Chuchi G. Fonacier, Mamerto E. Tangonan, and Bernadette Romulo-Puyat; and Managing Director Eugene C. Teves.

Other attendees included ATRAM President Phillip Hagedorn, BDO Trust Officer Manuel Patricio Malabanan, BPI Wealth President Ma. Theresa Marcial, GXI New Business Head Winsley Bangit, LBP Executive Vice President (EVP) Alan Bornas, MPI Group President and Maya Bank Co-Founder Shailesh Baidwan, MBTC EVP and Metrobank Trust Banking Group Head Angelica Reyes, PNB President and CEO Edwin Bautista, and RCBC President and CEO Reginaldo Cariaso.