GCash, UnionBank join BSP push for online retirement accounts

Filipinos now have more ways to open Personal Equity and Retirement Accounts (PERA) as the Bangko Sentral ng Pilipinas (BSP) expands a pilot program that allows digital onboarding through banks and mobile wallets.

Under the BSP’s Open Finance for PERA initiative, customers of GCash, UnionBank, Philippine National Bank (PNB), and Rizal Commercial Banking Corp. (RCBC) can now open retirement accounts online through the platform of PERA administrator ATRAM Trust Corp., eliminating the need for manual forms and in-person identification checks.

The project, first launched in July 2025, aims to simplify access to PERA—an investment program designed to help Filipinos build voluntary retirement savings alongside mandatory contributions to the Social Security System (SSS) or Government Service Insurance System (GSIS).

PERA allows individuals to invest up to P100,000 annually, while overseas Filipino workers may contribute as much as P200,000 per year, with participants receiving a 5-percent tax credit on annual contributions.

Funds placed in PERA can be invested across several approved financial products, including unit investment trust funds, mutual funds, insurance products, pre-need plans, and government or listed bonds.

The central bank said expanding digital access is part of a broader push to make retirement planning more accessible to Filipinos, particularly as financial institutions collaborate to create a seamless and secure ecosystem for long-term savings.

“The BSP continues to work with financial institutions to further expand the network and ensure that a seamless and secure retirement planning ecosystem is within reach of every Filipino,” the central bank said.

The move also reflects the BSP’s push to leverage open finance frameworks, allowing financial service providers to share verified customer data—with consent—to streamline onboarding and improve access to financial products.