A member of the Philippine Congress has introduced a bill that would require the country’s central bank to begin accumulating Bitcoin, setting one of the boldest crypto policy agendas yet in Southeast Asia.
Building a long-term BTC reserve
Representative Migz Villafuerte filed the “Strategic Bitcoin Reserve Act” in June, calling on the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 BTC annually over a five-year period. At current market prices, the program would cost more than $1.1 billion and result in a sovereign reserve of 10,000 BTC.
The legislation specifies that the reserve would be placed in long-term trust, with coins locked for at least 20 years. The only exception would be in cases where the assets are needed to retire government debt, ensuring that Bitcoin serves as a national backstop rather than a tradable holding.
Financial diversification and security
Villafuerte described Bitcoin as a “modern strategic asset,” comparing its role to that of digital gold. By anchoring part of the nation’s reserves in BTC, he argued, the Philippines could diversify its balance sheet, reduce dependence on foreign currencies, and improve its financial security in a shifting global economy.
“The Strategic Bitcoin Reserve Act recognizes Bitcoin as an essential reserve asset for the digital age,” Villafuerte said in remarks accompanying the filing.
Transparency measures included
The proposal also introduces a proof-of-reserves system, requiring the BSP to publish quarterly reports disclosing its Bitcoin holdings, transaction history, and custody arrangements. Such measures aim to bolster public trust and prevent misuse of national crypto reserves.
If adopted, the bill would make the Philippines one of the first countries in Asia to mandate sovereign Bitcoin accumulation, positioning the nation alongside early movers like El Salvador in treating BTC as a cornerstone of financial strategy.
