The Philippines is advancing a significant legislative proposal aimed at establishing a national Bitcoin reserve for its central bank, signaling a forward-thinking approach to sovereign asset management. This initiative, if enacted, would position the Southeast Asian nation among the first to formally integrate a major digital asset into its fiscal framework, potentially influencing broader economic strategies in developing economies.
- The proposed legislation, introduced by Congressman Migz Villafuerte, is titled the “Strategic Bitcoin Reserve Act.”
- The bill mandates the Bangko Sentral ng Pilipinas (BSP) to acquire 2,000 Bitcoin annually over a five-year period.
- This strategy aims to establish a national reserve of 10,000 BTC, potentially valued at over $1.1 billion at current market prices.
- The acquired Bitcoin would be held in a dedicated trust fund for at least 20 years, reserved exclusively for national debt repayment.
- To ensure transparency, the BSP would be required to issue quarterly reports detailing its Bitcoin holdings, transactions, and storage protocols.
- Should it pass, the Philippines would join nations like El Salvador as an early adopter of central bank Bitcoin reserves.
Key Provisions of the Strategic Bitcoin Reserve Act
Introduced by Congressman Migz Villafuerte, the “Strategic Bitcoin Reserve Act” mandates the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, to acquire 2,000 Bitcoin annually over a five-year period. This strategy would culminate in a national reserve of 10,000 BTC, representing an investment potentially exceeding $1.1 billion at current market valuations.
Strategic Objectives and Long-Term Vision
A central objective of the bill is to leverage Bitcoin as a long-term strategic asset. The acquired digital currency would be held in a dedicated trust fund for at least 20 years, with provisions for its use strictly limited to national debt repayment. Villafuerte posits Bitcoin as a “modern strategic resource” and “digital gold,” aiming to diversify the country’s balance sheet, enhance financial stability, and mitigate reliance on foreign currencies.
Governance, Transparency, and Global Impact
To ensure robust governance, the legislation includes requirements for the BSP to issue quarterly reports detailing its Bitcoin holdings, transaction specifics, and storage protocols. This commitment to transparency is designed to build public trust and prevent misuse of these novel assets. Should it become law, the Philippines would notably join nations like El Salvador as an early adopter of mandatory central bank Bitcoin reserves, potentially influencing future economic policy in the region and beyond.
Chris brings over six years of hands-on experience in cryptocurrency, bitcoin, business, and finance journalism. He’s known for clear, accurate reporting and insightful analysis that helps readers stay informed in fast-moving markets. When he’s off the clock, Chris enjoys researching emerging blockchain projects and mentoring new writers.