The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have moved to strengthen data protection and oversight for Filipinos investing for retirement through the Personal Equity and Retirement Account (PERA) program.

Under a memorandum of agreement (MoA) signed on 3 December, the two regulators will coordinate on the secure sharing and use of information from the Personal Equity and Retirement Account System (PERASys), the central database maintained by the BSP for all PERA contributors.

Improve coordination between regulators

The agreement is intended to ensure that retirement savings and corresponding tax incentives are accurately recorded, properly monitored and protected from misuse. It also aims to improve coordination between regulators while upholding strict compliance with data privacy laws.

The MoA sets standards for confidentiality, recordkeeping and data security, and outlines procedures for reporting and addressing operational issues related to PERA accounts.

BSP Governor Eli Remolona Jr. said the initiative strengthens confidence in the retirement savings framework by ensuring that contributor information is kept secure while regulators are able to perform their respective oversight functions.

“When you put aside part of your income for your future, you trust us to protect that investment,” Remolona said.

“With this partnership, we are building a system that keeps your information safe and your future more certain. It is one more step toward helping every Filipino retire with dignity and peace of mind.”