The Bangko Sentral ng Pilipinas (BSP) is advancing its Open Finance PH Pilot in 2025, leveraging data sharing and technology to promote financial inclusion and innovation.
Originally launched in 2023 in partnership with the International Finance Corporation and the World Bank, the pilot enables consumers to control and share their financial data securely across banks, fintechs, and third-party providers.
This ecosystem supports a broader range of products and services, catering especially to the unbanked and underserved Filipinos.A major 2025 milestone is the rollout of the Open Finance for Personal Equity and Retirement Account (PERA) Pilot.
This initiative digitizes the onboarding process, allowing Filipinos to open PERA accounts seamlessly via banks or digital wallets without manual paperwork or physical ID checks.
UnionBank recently became the first bank to go live on this platform, demonstrating practical implementation.
The pilot enhances convenience, transparency, and financial health while fostering a more inclusive financial ecosystem.
The Open Finance PH platform also supports micro, small, and medium enterprises (MSMEs) by enabling tailored financial products and personalized investment recommendations.
The pilot aligns with BSP’s Revised Open Finance Roadmap (2023-2027), focusing on interoperability, data privacy, and scalability to future-proof the Philippine financial sector.Through collaborative efforts involving BSP-supervised institutions and fintech innovators, the pilot is steadily transitioning from testing to production phases.
These advances place the Philippines among progressive adopters of open finance in Southeast Asia, aiming to empower consumers and accelerate digital transformation across financial services.
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