MANILA, PHILIPPINES – Rizal Commercial Banking Corporation (RCBC) and the Bangko Sentral ng Pilipinas (BSP) announced a strategic partnership to expand the reach and adoption of the Personal Equity and Retirement Account (PERA) through Open Finance last July 29, 2025 in the Ceremonial Signing and Go-Live for the Open Finance for PERA Pilot.
RCBC is among the few banks that BSP has chosen to collaborate with to leverage digital technologies to make PERA accessible and convenient to Filipinos who wish to invest and grow their retirement savings.
PERA, established under Republic Act No. 9505, is a voluntary retirement savings program designed to supplement existing state-based and employer-sponsored pension plans. The program offers attractive tax incentives to encourage long-term savings and investment, and includes tax credits and tax-free withdrawals upon retirement.
The partnership with RCBC is a significant step forward in the BSP’s broader initiative to digitalize and expand the PERA ecosystem. By leveraging RCBC’s digital banking platforms and extensive network, this collaboration will make it easier for individuals to open and manage their PERA accounts.
Through Open Finance, the BSP’s retirement savings product is set to be digitized enabling individuals to initiate payments to their PERA from their digital banking account as well as help them access affordable and inclusive credit and payment services.
Open Finance also enables data-sharing which helps consumers access a wider range of products and product providers to include loans, savings, investments, pensions, and insurance, as well as prompt product comparisons.
Reginaldo “Reggie” Cariaso, President and Chief Executive Officer of RCBC, relayed the bank’s enthusiasm and gratitude for being invited as one of the few financial institutions to digitalize the retirement savings product.
“For us at RCBC, this isn’t just about Financial Products. It is about deeply understanding the aspirations and challenges of Filipino families. On behalf of RCBC, I would like to extend my gratitude to BSP for letting us be part of this extraordinary journey,” Cariaso said.
“PERA simplifies retirement planning and makes it smarter. It removes friction. It places the customer at the center. And most importantly, it fosters trust through innovation,” Cariaso further elaborated on the benefits of PERA being powered through Open Finance.
Cariaso also highlighted the transformative impact of fusing retirement savings with open finance, “PERA offers the accessibility and convenience of mobile apps through this Open Finance collaboration. Now, opening a PERA account is as simple as using your favorite digital banking app.”
RCBC has been at the forefront of digitalizing digital banking services, which has been recognized globally by Euromoney (formerly Asiamoney) as the first bank in Asia to win six consecutive “Best Bank for Digital” awards.
