The Bank of the Philippine Islands (BPI), the country’s second largest bank, has partnered with stablecoin infrastructure firm Meridian to enable inbound remittances using stablecoins. The initial use case is for payroll credits for informal workers, including freelancers and virtual assistants, presumably those who are working remotely. BPI plans to expand the service ahead of the ASEAN 49 Summit in November, with the broader scope likely to include the diaspora sending money home. The pilot is being conducted in coordination with the Bangko Sentral ng Pilipinas (BSP).
“Filipinos move billions of pesos every year, and it is our responsibility to make sure that their money arrives faster, cheaper, and just as securely as it does today,” said BPI President and CEO TG Limcaoco according to the Inquirer. “Exploring stablecoin rails is a natural extension of BPI’s digitalization strategy and customer focus.”
In 2024 the Philippines was the fourth largest recipient of inbound remittances, which reached $38.34 billion with 40% from the US. The incoming volumes are significant, but many Filipinos are already using stablecoins and in some cases have been doing so for years. By offering the service, BPI ensures that the cash switches into bank accounts rather than losing deposits to stablecoin wallets.
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