Manila: The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have signed a data-sharing agreement to protect retirement savings. BSP announced in a press release that a memorandum of agreement (MOA) was signed with the SEC on December 3. This agreement formalizes the data-sharing arrangement and grants access to information from the Personal Equity and Retirement Account System (PERASys), managed by the BSP.

According to Philippines News Agency, the MOA aims to ensure that data related to PERA contributors is shared securely and used responsibly, facilitating effective service for Filipinos investing for retirement. The agreement mandates BSP and SEC to comply fully with data privacy laws and maintain high standards of confidentiality, record-keeping, and data security. It also outlines procedures for reporting, managing operational issues, and safeguarding information.

BSP Governor Eli Remolona Jr. emphasized the importance of trust in protecting investments for the future. He stated that the partnership aims to build a system that keeps information safe, contributing to a more secure future for Filipino retirees.