UnionBank enables PERA opening via mobile app

UNION BANK of the Philippines, Inc. has integrated the Personal Equity and Retirement Account (PERA) into its mobile app, letting customers open accounts fully online as it expands access to long-term savings tools.

The move removes paperwork-heavy onboarding processes and shifts retirement investing into a digital channel, potentially widening participation in the government-backed program.

“We believe that preparing for the future should be simple, inclusive, and accessible to every Filipino,” UnionBank President and Chief Executive Officer Ana Maria Aboitiz-Delgado said in a statement. “By fully digitizing PERA onboarding within UnionBank Online, we are removing traditional barriers to long-term investing.”

PERA is the Bangko Sentral ng Pilipinas’ voluntary retirement savings program that invests contributions in accredited financial instruments with the goal of long-term capital growth. It is designed to supplement state pension systems such as the Government Service Insurance System and Social Security System.

Under the initial rollout, ATRAM Trust Corp. serves as the bank’s trust partner, providing administrative support and access to a wider set of investment products. Account opening can be completed through the UnionBank app without physical forms or multiple document submissions.

UnionBank said the digital PERA feature is part of its broader financial security initiative and that it plans to expand functionality to include end-to-end account management within a single platform.

“Soon, customers will enjoy a fully integrated journey, from onboarding to account management, for a true straight-through experience,” the bank said.

The bank’s digital push also follows its restructuring of trust and asset management operations through its partnership with the ATRAM Group, including the consolidation of trust businesses and a minority stake acquisition in ATR Asset Management, Inc.

UnionBank shares rose 1.6% to P25.40 on the Philippine Stock Exchange. — AMCS