GCash Joins BSP and ATRAM in Expanding PERA’s Digital Reach
The Bangko Sentral ng Pilipinas (BSP) is making it easier for Filipinos to sign up for the government’s voluntary retirement savings program, the Personal Equity and Retirement Account (PERA), through its integration with the Open Finance Pilot in the Philippines. PERA offers tax incentives, diverse investment options, and long-term financial security. Local contributors can invest up to ₱200,000 annually (₱400,000 for Overseas Filipino Workers) and enjoy a 5% income tax credit on contributions, with investments growing tax-free until retirement. In the first phase of BSP’s Open Finance pilot, several financial institutions are collaborating to simplify the PERA account opening process. Among the initial participants are PERA Administrator ATRAM and e-wallet platform GCash, whose partnership is creating a more seamless onboarding experience. Fully verified GCash users can now open a PERA account faster by consenting to share their information with ATRAM, the first administr...