A measure has been filed in the House of Representatives seeking to establish a National Strategic Bitcoin (BTC) Reserve in the Philippines. House Bill No. 421, introduced by Camarines Sur 2nd District Rep. Miguel Luis Villafuerte, proposes the stockpiling of BTC as a form of strategic financial asset.
Why it Matters: The bill highlights the growing global recognition of Bitcoin as a hedge against economic risks. With several countries already adopting BTC reserves, the proposal seeks to safeguard the Philippines’ financial standing amid rising debt and economic uncertainties.
In his explanatory note, Villafuerte pointed out that Bitcoin, introduced in 2009, has become the most popular cryptocurrency and is now considered by some policymakers abroad as “digital gold.” He cited the US Federal Reserve Chairman’s statement labeling BTC as such, while also noting that BTC has recently reached an all-time high of over $108,000.
The measure proposes the annual purchase of 2,000 BTC over five years through the Bangko Sentral ng Pilipinas (BSP). These will then be held in trust for 20 years. According to Villafuerte, this aims to ensure financial stability and economic resilience by diversifying the country’s strategic reserves beyond gold and dollars.
The explanatory note also cited examples of other countries already taking steps toward BTC reserves. El Salvador has adopted BTC as legal tender, while Brazil, Switzerland, Poland, Germany, and Russia have explored or introduced similar measures. In Asia, Hong Kong, Bhutan, China, and Thailand have initiatives related to BTC as part of financial reserves or regulatory considerations.
Villafuerte also referred to the Philippines’ growing debt, which the Bureau of Treasury reported at PHP 16.09 trillion in November 2024, up PHP 707 billion from October of the same year. He argued that diversifying into digital assets like Bitcoin could help protect the economy from future risks.
The proposal is now up for deliberation in Congress. Do you think a Strategic Bitcoin Reserve can help stabilize the Philippine economy?
