Filipino Congressman Files Legislation to Establish National Bitcoin Reserve

Miguel Luis “Migz” Villafuerte, a Filipino congressman and former youngest-elected governor in the nation’s history, has filed new legislation that would make Bitcoin BTC $116 390 24h volatility: 3.3% Market cap: $2.32 T Vol. 24h: $48.17 B part of the Philippines’ sovereign reserves.

The proposal, filed under House Bill 421, directs the Bangko Sentral ng Pilipinas (BSP) to purchase up to 2,000 BTC annually for five years, establishing a 10,000 BTC reserve.

To protect the holdings, the central bank would custody the Bitcoin in cold storage, distributed across multiple secure facilities to minimize systemic risks.

Why the Philippines Is Considering a Bitcoin Reserve

Villafuerte, who sits on the House Committee on Information and Communications Technology, argued that the Philippines, which recently adopted Polygon MATIC $0.25 24h volatility: 6.0% Market cap: $331.62 M Vol. 24h: $879.04 K for document verification, must diversify beyond its heavy reliance on US dollar and gold reserves.

He described Bitcoin as a form of “digital gold” that can safeguard the nation’s financial security against external shocks and currency dependency.

The congressman pointed to a growing list of global precedents: El Salvador’s state accumulation strategy, policy discussions in Brazil, Switzerland, and Poland, as well as US Senator Cynthia Lummis’ proposal to revalue Fed Gold for Bitcoin reserves now openly backed by President Donald Trump.

Under the proposed framework, the BSP would be prohibited from selling or using the Bitcoin holdings for 20 years, except in cases where sales directly retire government debt.

One year before the lock-up expires, the central bank must submit a report to Congress recommending either an extension of the reserve strategy or a phased release of up to 10% of holdings every two years.

If enacted, the Philippines would become the first Asian country to legislate a sovereign Bitcoin reserve strategy, positioning itself at the forefront of digital asset adoption in national financial policy.

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