Filipinos have gained more digital avenues to save for retirement as the Bangko Sentral ng Pilipinas (BSP) expands its “Open Finance for PERA Pilot” project.
The initiative allows customers of G-Xchange Inc, which operates GCash, Union Bank of the Philippines (UBP), Philippine National Bank (PNB) and Rizal Commercial Banking Corp. (RCBC) to open a Personal Equity and Retirement Account (PERA) through a streamlined online process. By selecting ATRAM Trust Corporation as their PERA administrator, users can bypass manual forms and physical identity checks.
Under the framework, the participating financial institutions securely share customer data with ATRAM once the user provides consent. The interoperability allows individuals to register and manage their retirement accounts directly through ATRAM’s digital platform or, in the case of UBP customers, via the bank’s mobile application.
The BSP launched the pilot on July 29, 2025, to simplify the onboarding experience for a voluntary retirement saving program that has historically seen slow adoption due to documentation hurdles. PERA is designed to supplement mandatory retirement schemes such as the Social Security System and the Government Service Insurance System.
The program offers significant tax incentives for both employees and employers. Contributions to the account are eligible for a 5-percent tax credit, and the investment income generated within the fund is exempt from taxes.
