The Central Bank of the Philippines (BSP) announced that customers of G-Xchange, Inc. (GCash), Union Bank of the Philippines, Philippine National Bank, and Rizal Commercial Banking Corporation can open a Personal Equity and Retirement Account (PERA) online under the BSP’s “Open Finance for PERA Pilot”, where ATRAM Trust Corporation acts as the PERA administrator, removing the need for manual forms and ID checks. The pilot uses the BSP’s Open Finance framework to allow secure, consent-based sharing of customer information from participating institutions to ATRAM, enabling customers to register with ATRAM and complete PERA onboarding via ATRAM’s online platform. Union Bank customers can also access PERA account opening through the Union Bank app. The BSP noted the pilot has been running since 29 July 2025 and framed the change as simplifying onboarding versus prior paper-based requirements, supporting PERA take-up as a tax-incentivised retirement savings product that supplements Social Security System and Government Service Insurance System benefits. The BSP said it will continue working with financial institutions to expand the network supporting the Open Finance-enabled PERA onboarding model.
Central Bank of the Philippines 2026-03-12
Central Bank of the Philippines enables fully online PERA account opening under its Open Finance pilot
The Central Bank of the Philippines (BSP) has launched the "Open Finance for PERA Pilot," enabling customers of G-Xchange, Inc. (GCash), Union Bank, Philippine National Bank, and Rizal Commercial Banking Corporation to open Personal Equity and Retirement Accounts (PERA) online. Using BSP's Open Finance framework, it facilitates secure, consent-based information sharing to ATRAM Trust Corporation, simplifying onboarding and supporting PERA take-up. The BSP aims to expand this model with more financial institutions.