The Philippines plans to finalize Project Agila, its wholesale central bank digital currency (wholesale CBDC) trials this year. That’s according to the Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), Mamerto Tangonan, as reported by GMA News. Governor Remolona previously stated he expected to launch a wholesale CBDC next year or in 2026.
According to the Deputy Governor, the three use cases are interbank settlement, the settlement of securities transactions and cross border payments. The Philippines is an observer of the cross border CBDC project mBridge involving China, Hong Kong, Thailand and the UAE.
The current Philippines tests involve six domestic institutions: BDO Unibank, China Banking Corp, Land Bank of the Philippines, Rizal Commercial Banking, Union Bank of the Philippines, and Maya Philippines.
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