The Philippines is considering legislation that would establish a government-held Bitcoin reserve, a move that could position the country among the early adopters of the asset in Southeast Asia.
The proposal, filed in June by Camarines Sur Representative Migz Villafuerte, calls for the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 Bitcoin annually over a five-year period, creating a reserve of 10,000 Bitcoin or approximately $1.1 billion.
The measure, titled the Strategic Bitcoin Reserve Act, stipulates that the holdings be placed in a trust for a minimum of 20 years.
During that time, the coins could not be sold or exchanged, except in cases where they are used to retire government debt.
“This representation deems it vital that the Philippines stockpile strategic assets such as Bitcoin to serve important national interests such as providing financial stability, among others,” Villafuerte wrote.
He noted the importance of diversifying national assets and described Bitcoin as digital gold, citing its average annual growth rate of 40% over the past five years and its recent record highs.
The bill also references the role of Bitcoin in international markets and points to El Salvador and Bhutan as examples of countries already pursuing reserve strategies.
It includes provisions requiring the BSP to implement a Bitcoin Purchase Program and to adopt a proof-of-reserves system.
Under the plan, the central bank governor would issue quarterly public reports outlining reserve balances, transactions, and key management practices.
If enacted, the Philippines’ holdings would approach the levels of Bhutan, which has 10,565 Bitcoin valued at nearly $1.2 billion, according to Arkham Intelligence data.