Unveiling Philippines’ wCBDC Pilot Project – Project Agila

    Explore the details of the Philippines' wCBDC pilot project, Project Agila, as BSP's deputy governor unveils plans for democratizing access to securities and conducting a learning exercise with six domestic banks. The initiative aims to revolutionize fund transfers and explore higher-value services like securities settlement.

    • BSP’s deputy governor, Mamerto Tangonan, revealed details about the wCBDC pilot project named Project Agila.
    • The project involves six domestic banks and aims to democratize access to securities and investment instruments.
    • The pilot project, set to conclude by year-end, explores the potential of wCBDC in fund transfers and higher-value services like securities settlement.

    Project Agila Unveiled

    Philippine central banker Mamerto Tangonan, the deputy governor for payments and currency management at the Bangko Sentral ng Pilipinas (BSP), shared insights into the central bank’s wholesale central bank digital currency (wCBDC) pilot project, Project Agila. Tangonan highlighted that the initiative, slated for completion by the end of the year, serves as a valuable “learning exercise.” The participating banks, including BDO Unibank, China Banking Corp., and others, collaborate with BSP in testing the wCBDC’s capabilities, focusing on fund transfers among the institutions.

    Democratizing Access to Securities

    Tangonan emphasized the broader vision of Project Agila, envisioning a Philippines where access to securities and investment instruments becomes democratized. The goal is to enable smaller issue sizes and significantly lower fees, making it feasible for individuals like “Juan or Maria” to not only dream of owning securities but to realize this ownership. Beyond fund transfers, the project explores the potential of using wCBDC for higher-value services, specifically in securities settlement.

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