The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), plans to introduce its wholesale central bank digital currency (CBDC) by 2029, aligning with the term of BSP Governor Eli Remolona Jr. The governor previously indicated that the central bank could launch a CBDC within his six-year tenure, which concludes in 2029.

In a recent press briefing, BSP Deputy Governor Mamerto Tangonan provided an update on Project Agila, the bank’s wholesale CBDC initiative, stating:

We’re already about to conclude proof of concept. This is an innovative payment instrument. In fact, there’s no central bank in the world that has already launched wholesale CBDC, I guess with the exception of the Swiss National Bank.

Tangonan remarked, “The governor is very early in his term and we’re already about to conclude proof of concept.”

He further stated: “If after a proof of concept that now brings the literacy and the knowledge of both BSP and the banks to a level that they are ready to launch it, then only such time will we make a decision whether to go or not go.” He opined:

This is an entirely new thing, and we have to make sure that we can offer it and operate. It’s a BSP-issued digital currency so we have to make sure we can offer it, maintain it and operate it safely, and that the banks can do likewise and that they have business use cases for it.

Project Agila, launched in December 2022 and formerly known as Project CBDCPh, is a two-phase initiative to explore CBDC technology and assess its potential to improve large-value payment systems. In July 2023, the BSP selected Hyperledger Fabric as its distributed ledger technology for the first phase. Project Agila aims to familiarize the BSP and participating financial institutions with CBDC technology solutions to enhance the country’s large-value payment system.

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