BSP says it will complete wholesale CBDC pilot this year

Philippines central bank will test CBDC for interbank fund transfers and securities settlement

Central Bank of the Philippines
The Central Bank of the Philippines
Patrick Roque (

The Central Bank of the Philippines (BSP) plans to complete its wholesale digital currency pilot by the end of this year, deputy governor Mamerto Tangonan said. 

Tangonan said on March 6 that the pilot central bank digital currency (CBDC), called “Project Agila”, would be a “learning exercise”, according to GMA News.

Six financial institutions are currently taking part in the experiment. They are BDO Unibank, China Banking Corporation, Land Bank of the Philippines, Rizal Commercial Banking

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