Philippines CBDC-Ph (Project Agila)
Bangko Sentral ng Pilipinas
Status
Architecture
Cross-Border Projects
No cross-border projects reported.
Capabilities
Frequently Asked Questions
Does Philippines have a CBDC?
Yes, Philippines is developing Philippines CBDC-Ph (Project Agila), currently in research phase.
What is the status of Philippines's CBDC?
Philippines CBDC-Ph (Project Agila) is in research phase as of 2026-02-18. The central bank is conducting research and feasibility studies.
When did Philippines launch its CBDC pilot?
No pilot launch date has been announced yet. The project is currently in research phase.
How many people use Philippines's CBDC?
User and wallet metrics are not publicly available at this time.
Is Philippines's CBDC retail or wholesale?
Philippines CBDC-Ph (Project Agila) is a wholesale CBDC designed for interbank settlements and large-value transactions.
Which central bank manages Philippines CBDC-Ph (Project Agila)?
Philippines CBDC-Ph (Project Agila) is managed by Bangko Sentral ng Pilipinas.
Recent Developments
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: 2/18/2026