MANILA – The Bangko Sentral ng Pilipinas (BSP)launched the Open Finance for Personal Equity and Retirement Account (PERA) Pilot at its head office in Manila, aiming to make it easier for Filipinos to access retirement savings and investment options.

The pilot project, launched last month, uses the BSP’s Open Finance framework, which allows secure, consent-based sharing of financial data across institutions. This enables users to open PERA accounts through digital platforms by authorizing access to their bank or e-wallet KYC (Know-Your-Customer) data—removing the need for manual forms and ID verification.

“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.

PERA, established under Republic Act No. 9505, offers tax incentives to encourage Filipinos and their employers to set aside money for retirement. It is designed to complement the Social Security System (SSS), Government Service Insurance System (GSIS), and other investment tools.

The launch was attended by representatives from participating financial institutions including Land Bank of the Philippines, Maya Philippines, Inc., Metropolitan Bank & Trust Company, Philippine National Bank, Rizal Commercial Banking Corporation, UnionBank of the Philippines, and G-Xchange, Inc., which will facilitate PERA account opening for their clients.

PERA administrators ATRAM Trust Corporation, BDO Unibank, Inc., and BPI Wealth – A Trust Corporation will manage the investments under the pilot.

The BSP said the pilot will soon allow users to open PERA accounts directly through participating apps to further improve accessibility.

Also present at the launch were 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 BSP Managing Director Eugene C. Teves.

Executives from the private sector also attended, including ATRAM President Phillip Hagedorn, BDO Trust Officer Manuel Patricio Malabanan, BPI Wealth President Ma. Theresa Marcial, GXI New Business Head Winsley Bangit, LBP EVP Alan Bornas, MPI Group President and Maya Bank Co-Founder Shailesh Baidwan, Metrobank EVP Angelica Reyes, PNB President and CEO Edwin Bautista, and RCBC President and CEO Reginaldo Cariaso.