With millions of Filipinos approaching or already in retirement, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have strengthened safeguards for retirement savings through a new data-sharing agreement.
On December 3, 2025, the BSP and SEC signed a memorandum of agreement (MOA) covering the Personal Equity and Retirement Account System (PERASys), the BSP-managed central database of all Personal Equity and Retirement Account (PERA) contributors.
The move comes as Filipino seniors remain financially vulnerable.
As of the 2020 Census, about 9.22 million Filipinos aged 60 and above—or 8.5% of the population—were senior citizens.
Studies show Filipinos save only 3 to 4 months’ worth of income for retirement on average, far below the Asian norm of nearly three years, with many retirees relying mainly on SSS pensions of about ₱5,000 a month or GSIS pensions of roughly ₱18,500.
Under the MOA, the BSP and SEC will securely share and use PERA data, ensuring strict confidentiality, data security, and compliance with privacy laws. The agreement aims to reduce risks of errors, fraud, or mishandling of retirement funds, particularly critical for seniors already drawing on their savings.
“When you put aside part of your income for your future, you trust us to protect that investment. 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,” said BSP Governor Eli M. Remolona, Jr.
PERA, created under the PERA Act of 2008, is a voluntary, tax-advantaged retirement savings scheme meant to supplement SSS and GSIS pensions.
By tightening coordination and oversight through PERASys, regulators aim to strengthen trust in the system and encourage more Filipinos to build additional retirement savings as the country’s senior population continues to grow.