BSP, SEC forge data security, sharing partnership for PERA System

The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have recently forged a partnership to ensure that data on personal retirement savings of Filipinos are well-secured.

In a news release on Wednesday, the BSP said it signed a memorandum of agreement (MOA) with the SEC on December 3 on data sharing and access to and use of information from the Personal Equity and Retirement Account (PERA) System or PERASys. 

“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 Remolona Jr. 

Managed by the BSP, the PERASys is the central database of all PERA contributors.

This helps ensure that every contributor’s savings and corresponding tax incentives are accurately recorded and well-protected. 

Under the MOA, the BSP and SEC will work together to ensure that data related to PERA contributors are shared securely and used responsibly, enabling effective service for Filipinos investing for their retirement. 

They also agreed to ensure full compliance with data privacy laws and set high standards for confidentiality, recordkeeping, and data security. — JMA, GMA Integrated News