- The bill directs the Philippine central bank to purchase 2,000 Bitcoin annually, totaling 10,000 within five years.
- Holdings would be secured in a 20-year trust, with use restricted to reducing government debt.
- If passed, the Philippines’ reserve would surpass El Salvador’s Bitcoin holdings and approach Bhutan’s.
The Philippines may become one of the first Southeast Asian nations to formally establish a Bitcoin reserve under a proposed law. A bill filed in Congress requires the central bank to purchase 10,000 Bitcoin over five years and lock the holdings for at least two decades.
Details of the Strategic Bitcoin Reserve Act
Representative Migz Villafuerte of Camarines Sur introduced the “Strategic Bitcoin Reserve Act” in June. The bill directs the Bangko Sentral ng Pilipinas (BSP) to acquire 2,000 Bitcoin annually, totaling 10,000 by the end of the program. At current market prices, the planned reserve is valued near $1.1 billion.
Under the proposal, Bitcoin would be treated as a strategic national asset. The holdings would be placed in a trust and secured for a minimum of 20 years. The assets could only be released to reduce government debt obligations.
Villafuerte described Bitcoin as digital gold and emphasized its 40% average annual growth rate over the past five years. He stated that Congress must diversify the country’s assets to strengthen financial security.
Oversight and Reporting Requirements
The legislation creates a mandatory Bitcoin Purchase Program for the central bank. It requires BSP to retain the holdings for two decades before reviewing whether to continue holding or sell.
The measure also establishes a proof-of-reserves system to maintain transparency. The BSP governor would be obligated to publish quarterly reports detailing the size of the reserve, transactions made, and custody of private keys. These reports would be available to the public to ensure accountability.
By setting reporting requirements into law, the proposal ties the reserve to a system of measurable oversight. This framework would make the Philippines one of the few nations with formal legislation requiring transparency in Bitcoin holdings.
Regional and Global Context
If enacted, the Philippines would hold more Bitcoin than El Salvador, which currently owns 6,276 BTC worth about $700 million. El Salvador is known for its daily purchases and legal adoption of Bitcoin.
Source: BitboThe proposed reserve would also place the Philippines close to Bhutan, which holds 10,565 Bitcoin valued at approximately $1.2 billion. Bhutan’s holdings were disclosed through blockchain analytics, positioning it among the top state-level holders.
By mandating purchases, the Philippine bill outlines a clear path toward large-scale sovereign accumulation of Bitcoin. If approved, the measure would establish the Philippines as one of the largest national holders of the asset within five years.
