The Bangko Sentral ng Pilipinas (BSP) enables more Filipinos to easily sign up for the government’s voluntary retirement savings program called Personal Equity and Retirement Account (PERA), with its integration to the Open Finance Pilot in the Philippines.
The voluntary retirement savings plan offers tax perks, investment options, and long-term financial security for account holders. It is designed to allow local contributors to invest up to P200,000 per year (P400,000 for Overseas Filipino Workers) and enjoy a 5% income tax credit on these contributions, with their investments growing tax-free until retirement.
As part of the first phase of BSP’s Open Finance pilot, several financial institutions have come together to explore more inclusive ways of improving the PERA account opening process. Among initial participants are PERA Administrator ATRAM and e-wallet platform GCash, whose strong collaboration is paving the way for a more accessible PERA onboarding experience.
Fully verified GCash users can now open a PERA account more quickly and easily by consenting to share their information with the PERA Administrator. ATRAM, a leading independent asset and wealth manager in the country, is the first participating administrator for the pilot program.
In the past, those interested in creating their own PERA had to complete a lengthy account opening process with manual paperwork requirements.
Commencing with PERA, the Open Finance Project is a collaboration among financial institutions under the central bank’s framework. The initiative aims to explore how banks and other financial services providers can work more closely together to improve the ease of accessing financial services for more Filipinos.
“GCash supports the agenda of the Bankgo Sentral ng Pilipinas to strengthen financial inclusion,”
said GCash Vice President and Group Head for New Businesses Winsley Bangit.
“By helping democratize access to investment and savings products like PERA, we can help more Filipinos plan for their future and take advantage of more rewarding opportunities with ease.”
“This pilot reflects our ongoing commitment to improving access to long-term financial solutions like PERA,”
said Deanno Basas, Chief Experience Officer of ATRAM.
“By working with BSP and platforms like GCash, we’re making the process of starting a PERA more straightforward and aligned with how Filipinos manage their finances today towards their financial future.”
said ATRAM Chief Experience Officer, Deanno Basas.
GCash joined the multiparty framework created by the BSP to ensure compliance throughout the Open Finance PH Project in July 2024.
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About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
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This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
