BIZ BUZZ: BSP, SEC team up to guard Pera savings
The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have sealed a new pact to tighten protection of Filipinos’ retirement nest eggs.
On Dec. 3, the two regulators inked a memorandum of agreement covering data sharing and access to the Personal Equity and Retirement Account System, or PeraSys—the BSP-managed central database of all Pera contributors.
The system tracks contributors’ savings and the tax perks that come with them, helping ensure these are properly recorded and safeguarded.
Under the deal, the BSP and SEC commit to secure, responsible use of PeraSys data to improve oversight and services for Filipinos building their retirement funds. The agreement also sets strict standards for confidentiality, recordkeeping and data security, including clear protocols for reporting and handling operational issues.
“When you put aside part of your income for your future, you trust us to protect that investment,” BSP Governor Eli Remolona Jr. said. “With this partnership, we are building a system that keeps your information safe and your future more certain.”
