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
The Bangko Sentral ng Pilipinas (BSP) is making it easier for Filipinos to build their retirement nest egg through the government’s Personal Equity and Retirement Account (PERA) program, now integrated into the Open Finance Pilot in the Philippines.
PERA is a voluntary retirement savings plan that provides contributors with tax benefits, diverse investment options, and long-term financial security. Local participants can invest up to ₱200,000 per year, while Overseas Filipino Workers (OFWs) can contribute up to ₱400,000 annually. On top of this, contributions earn a 5% income tax credit, and investments grow tax-free until retirement—offering Filipinos a rewarding way to plan for their future.
As part of the first phase of BSP’s Open Finance Pilot, several financial institutions are collaborating to simplify and enhance the PERA account opening process. Among the pioneering participants are PERA Administrator ATRAM and e-wallet giant GCash, whose partnership is creating a faster, more seamless onboarding experience.
Through this integration, fully verified GCash users can now open a PERA account quickly by simply consenting to share their verified information with ATRAM. This eliminates the traditionally lengthy, paper-based application process, making it easier for Filipinos to start saving for retirement.
“GCash supports the agenda of the Bangko Sentral ng Pilipinas to strengthen financial inclusion,” said Winsley Bangit, Vice President and Group Head for New Businesses at GCash. “By helping democratize access to investment and savings products like PERA, we can empower more Filipinos to 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 retirement planning more straightforward and aligned with how Filipinos manage their finances today.”
The Open Finance Project, spearheaded by BSP, is a multiparty initiative that encourages collaboration among banks, fintechs, and other financial service providers. Starting with PERA, the project is laying the groundwork for a more inclusive and accessible financial ecosystem in the Philippines.
For more details, visit the GCash Help Center.
