Maya Philippines advances PERA launch plans in BSP-backed retirement savings push

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Maya Philippines PERA launch

Highlights

Maya Philippines is collaborating with Bangko Sentral ng Pilipinas and testing a new PERA retirement product integration on its existing platform.
The BSP's Open Finance for PERA Pilot enables Filipinos to open retirement accounts digitally by consenting to KYC data sharing, eliminating manual procedures.
Maya parent company Maya Innovations Holdings, Pte. Ltd. remained profitable in Q2, bolstering PLDT's core income as disclosed in August.

Platform testing and partnership plans

As reported by BusinessWorld Online, Maya Philippines is in talks with the Bangko Sentral ng Pilipinas on launching a PERA offering and is already testing how the product can work within its existing platform.

Kristoffer Rada, head of corporate affairs at Maya Group, said the company is also looking for the right institution to support PERA onboarding. He said the work now centers on testing and making sure the product is consistent with Maya's platform, while product and IT teams coordinate on integrating the PERA option into its core systems.

Maya is one of the participating institutions in the BSP's Open Finance for PERA Pilot launched last year. The program uses the regulator's Open Finance framework to allow secure sharing of customers' financial data across institutions.

Retirement access and sector implications

Other institutions in the pilot include Land Bank of the Philippines, Metropolitan Bank & Trust Corp., Philippine National Bank, Rizal Commercial Banking Corp., Union Bank of the Philippines, and G-Xchange, Inc., the operator of GCash. PERA administrators include ATRAM Trust Corp., BDO Unibank, Inc., and BPI Wealth, A Trust Corp.

Through the pilot, Filipinos can open PERA accounts by logging into a selected provider's platform and consenting to bank or e-wallet know-your-customer data sharing, removing the need for manual forms or separate ID verification. PERA, created under Republic Act No. 9505 in 2016, is a voluntary retirement savings program designed to supplement benefits from the Social Security System, Government Service Insurance System, and employer-provided plans.

Maya Philippines is registered with the BSP as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider, while Maya Bank is one of the country's six BSP-licensed digital banks. Parent company Maya Innovations Holdings, Pte. Ltd. sits within the wider Maya Group, which PLDT said in August remains profitable in the second quarter, supporting the telecom company's core income.

Our earlier article on Malaysia’s Budget 2027 debate examined concerns about using government-linked companies and investment institutions to fund non-commercial projects without clear repayment guarantees. It highlighted proposed safeguards—such as written directives, full cost calculations, and annual disclosures—to reduce the risk of diverting these entities from their core mandates and protect depositors, contributors, and pensioners.

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