UnionBank first to go live on Open Finance for PERA Pilot

Insider Spotlight

• UnionBank pioneers digital PERA account opening via Open Finance
• BSP-led pilot aims to simplify retirement planning for Filipinos
• Secure, app-based process eliminates paperwork and ID hassles
  
  

Union Bank of the Philippines became the first bank to officially go live on the Bangko Sentral  ng Pilipinas-led Open Finance for PERA (OFxPERA) Pilot platform during its recent ceremonial launch.

Joining the BSP, fellow PERA administrators, and financial services partners, UnionBank is pioneering digital innovations to make the Personal Equity and Retirement Account (PERA) more accessible and empowering for Filipinos planning their financial future.

Why it matters

The Personal Equity and Retirement Account (PERA) is the country’s voluntary retirement savings program. But adoption has been slow, in part due to complex onboarding. 

By integrating Open Finance, 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 data.

Driving the change

UnionBank president and CEO Ana Aboitiz Delgado underscored the bank’s role in championing financial inclusion:

“Technology should elevate lives, and we are proud to stand before you with a live integration. It is a privilege to support an initiative that reflects our shared commitment to building a more inclusive and financially empowered future for Filipinos.”

Big picture

The OFxPERA Pilot digitizes PERA onboarding, removing the need for paper forms or physical ID checks.

The BSP hopes this will encourage more Filipinos to prepare for retirement through transparent, app-based solutions.

UnionBank is leveraging its Open Banking track record—nearly 1,000 APIs and connections with 200 institutions—to support the rollout

What’s next

UnionBank plans to integrate pilot learnings into its UnionBank Online app, expanding retirees’ access to digital financial tools. The bank also recently merged UnionBank Investment Management and Trust Corp. with ATRAM to deliver more tailored financial services.

Delgado affirmed the bank’s long-term commitment:

“We are committed to working alongside the BSP, our fellow participants, and the wider community as we enter Phase 2 — and to continuously learn, collaborate, and do our part in advancing inclusive financial growth.”

For retirees, the pilot signals a shift toward simpler, safer, and more inclusive retirement planning in the Philippines. —Ed: Vanessa Hidalgo