RCBC to Offer Digital PERA Accounts Through BSP Open Finance Pilot
The initiative will digitalise the PERA product, allowing Filipinos to easily open and manage their retirement savings accounts through digital banking apps.
The BSP selected RCBC as one of a few banks for a pilot programme that aims to make retirement savings more accessible. The government established the PERA voluntary retirement savings programme under Republic Act No. 9505 to offer tax incentives.
The Open Finance framework will be used to digitalise the PERA product, enabling individuals to initiate payments to their accounts directly from their digital banking apps.
The framework also facilitates data-sharing, which can help consumers access and compare a wider range of financial products like loans, savings, and investments.
RCBC President and CEO Reginaldo Cariaso said the collaboration improves the user experience.
Reginaldo “Reggie” Cariaso
“PERA simplifies retirement planning and makes it smarter. It removes friction. It places the customer at the centre,” Cariaso stated.
He added that the Open Finance integration makes the process much more convenient for users.
“Now, opening a PERA account is as simple as using your favourite digital banking app,” he said.
The partnership is a key step in the BSP’s broader initiative to digitalise the entire PERA ecosystem.
The collaboration aims to make it easier for individuals across the Philippines to open and manage their PERA accounts by utilising digital platforms provided by RCBC.
