Status
RESEARCH
Philippines
Philippines CBDC-Ph (Project Agila)
According to Bangko Sentral ng Pilipinas disclosures and linked sources, this profile records status, architecture, and capability fields for Philippines CBDC-Ph (Project Agila).
Program Snapshot
Current status fields and timeline data from the profile record.
Type
WHOLESALE
Program classification
Wallets
Not listed
Annual Volume
Not listed
Status and Timeline
| Field | Value |
|---|---|
| Announced | 2022-12-01 |
| Pilot start | Not listed |
| Launch | Not listed |
| Last verified | 2026-02-18 |
Availability
- Retail
- none
- Wholesale
- research
Central Bank
Bangko Sentral ng Pilipinas
Technical Profile
| Attribute | Value |
|---|---|
| Type | Wholesale |
| Architecture | two-tier |
| Access model | account based |
| Technology base | dlt |
| Legal tender | none |
Capabilities
offline payments: No
programmability: Yes
cross border: No
interest bearing: No
transaction limits: Yes
Cross-Border Projects
No cross-border project entries are listed for this profile.
Recent Updates
According to the Bangko Sentral ng Pilipinas (BSP), Project Agila (also referred to as Project CBDC-Ph) was a wholesale CBDC proof-of-concept that concluded on December 5, 2024. The project was initiated in December 2022 to test institutional payments, including scenarios where the real-time gross settlement (RTGS) system is unavailable. Six financial institutions participated: BDO Unibank Inc., China Banking Corporation, Land Bank of the Philippines, Rizal Commercial Banking Corporation, Union Bank of the Philippines, and Maya Philippines Inc. The system operated on open-source distributed ledger technology through Oracle Cloud Infrastructure, enabling participating institutions to transfer funds during off-business hours (evenings, weekends, holidays). BSP Governor Eli M. Remolona Jr. stated that wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability. The BSP has decided against pursuing a retail CBDC, focusing exclusively on wholesale applications. A second proof-of-concept is being developed for settling tokenized government bonds, leveraging insights from Project Agila. BSP Deputy Governor Mamerto Tangonan indicated wholesale CBDC issuance is planned by 2029.
Updated: Feb 18, 2026
Frequently Asked Questions
Does Philippines have a CBDC?
According to listed sources, Philippines is developing Philippines CBDC-Ph (Project Agila), currently in research phase.
What is the current status of Philippines's CBDC?
Philippines CBDC-Ph (Project Agila) is in research phase as of 2026-02-18.
When did Philippines start CBDC pilot activity?
No pilot start date is listed for this program.
How many users or wallets are reported for Philippines's CBDC?
Wallet metrics are not listed in the current dataset.
Is Philippines's CBDC retail, wholesale, or hybrid?
Philippines CBDC-Ph (Project Agila) is categorized as wholesale.
Which institution manages Philippines CBDC-Ph (Project Agila)?
Philippines CBDC-Ph (Project Agila) is managed by Bangko Sentral ng Pilipinas.
Related CBDCs
Sources
Sources
Last verified: 2026-02-18
Bangko Sentral ng Pilipinas - Official Website
central bank
BSP Completes Proof-of-Concept Test for Wholesale CBDC - BSP Press Release
central bank
PH Central Bank Completes Proof-of-Concept Test for Wholesale CBDC - Asian Banking & Finance
news
Philippines BSP Plans CBDC for Government Bond Settlements - CoinGeek
news
BSP Completes Wholesale CBDC Proof-of-Concept Tests - Central Banking
news
Philippines CBDC Tracker - Human Rights Foundation
tracker