With the latest innovation from the Bangko Sentral ng Pilipinas, millions of Filipinos can now open a retirement savings account via ATRAM, using GCash as a signup option.
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The Bangko Sentral ng Pilipinas (BSP) enables more Filipinos to easily sign up for the government’s voluntary retirement savings program called Personal Equity and Retirement Account (PERA), with its integration to the Open Finance Pilot in the Philippines.
The voluntary retirement savings plan offers tax perks, investment options, and long-term financial security for account holders. It is designed to allow local contributors to invest up to P200,000 per year (P400,000 for Overseas Filipino Workers) and enjoy a 5% income tax credit on these contributions, with their investments growing tax-free until retirement.
As part of the first phase of BSP’s Open Finance pilot, several financial institutions have come together to explore more inclusive ways of improving the PERA account opening process. Among initial participants are PERA Administrator ATRAM and e-wallet platform GCash, whose strong collaboration is paving the way for a more accessible PERA onboarding experience.
Fully verified GCash users can now open a PERA account more quickly and easily by consenting to share their information with the PERA Administrator. ATRAM, a leading independent asset and wealth manager in the country, is the first participating administrator for the pilot program.
In the past, those interested in creating their own PERA had to complete a lengthy account opening process with manual paperwork requirements.
Commencing with PERA, the Open Finance Project is a collaboration among financial institutions under the central bank’s framework. The initiative aims to explore how banks and other financial services providers can work more closely together to improve the ease of accessing financial services for more Filipinos.
“GCash supports the agenda of the Bankgo Sentral ng Pilipinas to strengthen financial inclusion,”
said GCash Vice President and Group Head for New Businesses Winsley Bangit.
“By helping democratize access to investment and savings products like PERA, we can help more Filipinos plan for their future and take advantage of more rewarding opportunities with ease.”
“This pilot reflects our ongoing commitment to improving access to long-term financial solutions like PERA,”
said Deanno Basas, Chief Experience Officer of ATRAM.
“By working with BSP and platforms like GCash, we’re making the process of starting a PERA more straightforward and aligned with how Filipinos manage their finances today towards their financial future.”
said ATRAM Chief Experience Officer, Deanno Basas.
GCash joined the multiparty framework created by the BSP to ensure compliance throughout the Open Finance PH Project in July 2024.
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