UnionBank of the Philippines has launched the Open Finance for Personal Equity and Retirement Account (OFxPERA) pilot platform.
UnionBank joined the Bangko Sentral ng Pilipinas (BSP), fellow PERA administrators, and key financial services partners at the launch of this feature. According to the officials, the program aims to make PERAs more accessible for Filipinos planning to take control of their long-term financial planning. The launch event highlighted the importance of financial inclusion, encouraging more individuals to secure their retirement through simplified digital processes and trusted banking providers.
Optimising the PERA onboarding process
The Personal Equity and Retirement Account (PERA) is the Philippines' voluntary retirement savings plan. Despite its potential, adoption has been slow, partly because of the complicated onboarding.
The program led by the BSP integrates the Open Finance framework to simplify and digitalise the PERA onboarding process. The new pilot allows Filipinos (particularly retirees and near-retirees) to open PERA accounts digitally, using secure, consent-based sharing of bank or e-wallet KYC data.
The OFxPERA Pilot digitises the entire PERA onboarding process, eliminating the need for paper forms or physical ID checks. Additionally, this integration allows for better and more transparent access to retirement years for Filipinos, aligning with UnionBank’s mission to digitalise financial services through its features. UnionBank is optimising its Open Banking track record (with 1.000 APIs and connections to various institutions) to support the rollout.
This development comes at an important time for the Philippine financial landscape, as PERA accounts are beginning to play a more significant role in personal finance. The central bank-banked retirement savings program saw a total contribution pile up by 24% in 2024, rising to USD 8.6 million (P 491.39 million) by the end of 2024 from USD 6.9 million (P 396.31) in 2023.
UnionBank plans to incorporate pilot learning into its UnionBank Online app, increasing retirees’ access to digital financial tools. The bank also recently merged UnionBank Investment Management and Trust Corp. with ATRAM to provide customised financial services.
