Key Takeaways
- Philippines legislators propose a bill for the central bank to purchase 2,000 Bitcoin annually, building a 10,000 Bitcoin reserve over five years.
- The reserve would be held for at least 20 years, with BTC sales permitted only to retire government debt.
Miguel Luis “Migz” Villafuerte, a Filipino congressman known for becoming the country’s youngest elected governor, has filed a proposal that would require the central bank to steadily accumulate Bitcoin as part of the Philippines’ sovereign reserves.
The measure, filed as House Bill 421, would direct the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, to purchase up to 2,000 Bitcoin annually over five years, with a maximum of 10,000 BTC to be held in cold storage.
The reserves would be distributed across multiple secure facilities under central bank oversight to minimize risks and ensure resilience.
Villafuerte, who represents the House Committee on Information and Communications Technology, said the Philippines must diversify beyond gold and US dollars to strengthen its financial security.
He called Bitcoin a new “digital gold” that could safeguard the nation’s balance sheet against global shocks and dollar dependence.
The Filipino congressman also pointed to global efforts to integrate Bitcoin into national reserves, mentioning examples in El Salvador, Brazil, Switzerland, and Poland, along with a proposal by US Senator Cynthia Lummis that President Donald Trump has vocally endorsed.
The bill imposes strict conditions on the reserve, prohibiting the BSP from selling or encumbering its Bitcoin for at least 20 years except to retire government debt. One year before the lock-up expires, the central bank must report to Congress on whether to extend the hold period or begin gradual sales, capped at 10% of the reserve every two years.
If enacted, the Philippines would become the first Asian nation to legislate a sovereign Bitcoin accumulation strategy.
Source: https://cryptobriefing.com/philippines-bitcoin-reserve-legislation/
