The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have inked a data-sharing agreement aimed at protecting retirement savings.
BSP, in a press release Wednesday, said it signed a memorandum of agreement (MOA) with the SEC on Dec. 3, aimed to formalize the data-sharing deal and the access to and use of information from the Personal Equity and Retirement Account System (PERASys), which is the central database for all PERA contributors that is managed by the central bank.
It said the MOA is aimed “to ensure data related to PERA contributors are shared securely and used responsibly, enabling effective service for Filipinos investing for their retirement.”
Under the agreement, BSP and SEC need to ensure “full compliance with data privacy laws and set high standards for confidentiality, record-keeping, and data security” as well as “clear procedures for reporting, handling of operational issues, and safeguarding information.”
“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,” BSP Governor Eli Remolona Jr. said. (PNA)
