Key notes
- Philippine legislators offer a Bitcoin national reserve with annual purchases of 2,000 BTC for five years.
- The reserve would be locked for 20 years, BTC sales being only authorized to withdraw public debt.
- The plan aims to diversify the national reserves and position the Philippines as a leader in the adoption of digital assets.
Miguel Luis “Migz” Villaferte, a member of the Philippin Congress and former younger governor in the history of the country, has filed new legislation that would do bitcoin
BTC
$ 116 632
24h volatility:
3.6%
COURTIC CAPESSION:
$ 2.32 T
Flight. 24 hours:
$ 51.03 B
part of the sovereign reserves of the Philippines.
The proposal, submitted under Bill 421 of the Chamber, orders Bangko Sentral NG Pilipinas (BSP) to buy up to 2,000 BTC per year for five years, establishing a reserve of 10,000 BTC.
To protect assets, the central bank would relax Bitcoin in cold storage, distributed on several secure installations to minimize systemic risks.
Why the Philippines envisage a bitcoin reserve
Villaferte, which sits on the committee of the Chamber of Information and Communications Technologies, argued that the Philippines, who recently adopted Polygon
Matic
$ 0.25
24h volatility:
6.7%
COURTIC CAPESSION:
$ 335.63 M
Flight. 24 hours:
$ 1.28 M
For the verification of documents, must diversify beyond its high dependence on American reserves in dollars and gold.
He described Bitcoin as a “digital gold” form which can protect the country’s financial security against external shocks and the dependence of currencies.
The Congress Member underlined an increasing list of world precedents: the state accumulation strategy of El Salvador, political discussions in Brazil, Switzerland and Poland, as well as the proposal of the American senator Cynthia Lummis to reassess the nourished gold for Bitcoin reserves now openly supported by President Donald Trump.
As part of the proposed framework, the BSP would be forbidden to sell or use Bitcoin holdings for 20 years, except in cases where sales directly remove public debt.
One year before the expiration of the blocking, the central bank must submit a report to the Congress recommending either an extension of the reserve strategy or a progressive release up to 10% of the assets every two years.
If it is adopted, the Philippines would become the first Asian country to legislate a sovereign Bitcoin reserve strategy, positioning itself at the forefront of the adoption of digital assets in national financial policy.
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Ibrahim Ajibade is a seasoned research analyst with training by supporting various web3 and financial organizations. He obtained his undergraduate diploma in economics and is currently studying for a master’s degree in blockchain and distributed major book technologies at the University of Malta.
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