BSP, SEC ink deal on PERA data sharing
THE BANGKO SENTRAL ng Pilipinas (BSP) has signed a memorandum of agreement (MoA) with the Securities and Exchange Commission (SEC) to exchange and manage information on Personal Equity and Retirement Account (PERA) contributors.
The partnership signed on Dec. 3 will help safeguard the retirement savings of Filipinos, the central bank said in a statement on Wednesday.
The agreement covers data sharing and the access to and use of information from the Personal Equity and Retirement Account System or PERASys.
PERASys is managed by the BSP and is the central database of all PERA contributors.
“It helps ensure that every contributor’s hard-earned savings and corresponding tax incentives are accurately recorded and well-protected,” it said.
Under the MoA, the two regulators will ensure that data on PERA contributors are shared and used securely and responsibly.
The agreement ensures full compliance with data privacy laws and sets “high” standards for confidentiality, recordkeeping, and data security, the BSP said, as it outlines the procedures for reporting, handling of operational issues, and safeguarding information.
“When you put aside part of your income for your future, you trust us to protect that investment,” BSP Governor Eli M. Remolona, Jr. said,
“With this partnership, we are building a system that keeps your information safe and your future more certain. It is one more step toward helping every Filipino retire with dignity and peace of mind.”
PERA, created under Republic Act No. 9505 in 2016, is a voluntary retirement saving program that aims to supplement benefits from the Social Security System, Government Service Insurance System, and employer-provided plans.
BSP data showed that accumulated PERA contributions rose by 24% year on year to P491.4 million at end-2024 from P396.3 million the previous year.
The total number of PERA contributors likewise grew by 6.4% to 5,912 by the end of last year from 5,555 in 2023. — Katherine K. Chan
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