Philippines: Adopted pilot on Central Bank Digital Currency project

On 26 April 2022, the Philippino Central Bank announced the launch of its pilot wholesale central bank digital currency (CBDC). To promote the country's digital development, the project would test a CBDC for certain high-value transactions with a limited amount of digital payment providers. The issues that will be considered during this pilot project are the risk profile and mitigation procedures, legal and regulatory considerations, and the infrastructure at hand. The use of CBDC, according to the Philippino Central Bank, should mitigate risk factors around using commercial money or cross-border transactions.