The Bangko Sentral ng Pilipinas (BSP) has launched Open Finance for Personal Equity and Retirement Accounts (PERA) to boost accessibility and encourage retirement savings and investments for Filipinos.
Leveraging the Open Finance framework offers PERA account holders expanded financial choices and convenience through the secure, consent-based sharing of their financial data across institutions, the BSP said.
Open Finance can eliminate the need for manual forms and identification card (ID) checks, allowing Filipinos to open PERA accounts through their chosen provider’s platform and authorize the sharing of their bank or e-wallet know-your-customer (KYC) data.
“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 Remolona Jr. said.
“At the same time, we give Open Finance a jumpstart from concept to practice. This is more than innovation; this is financial health,” he said.
PERA was established under Republic Act 9505, which offers tax incentives to working Filipinos and their employers for saving money for retirement.
“The pilot will soon allow users to open accounts directly via participating apps, making PERA more accessible and user-friendly,” the BSP said.
