The Philippines is taking a significant step towards diversifying its financial reserves by proposing the inclusion of Bitcoin in its national reserve plan. A new bill, House Bill No. 421 introduced in 2025, proposes holding 10,000 BTC in cold storage as part of a strategic asset portfolio. This would involve an annual acquisition of 2,000 BTC over five years by the Bangko Sentral ng Pilipinas (BSP), ensuring a total reserve size of 10,000 BTC held for 20 years. The aim is to enhance national financial security and reduce reliance on foreign currencies.
The bill positions Bitcoin alongside existing assets like gold and USD within the Philippine strategic reserve plan. This reflects the increasing prominence of Bitcoin in global finance, prompting legislative action in countries like El Salvador and Switzerland. The BSP will be responsible for managing and safeguarding this new asset class.
The bill outlines a robust system of cold storage for the Bitcoin reserves, protecting them from theft, fraud, or cyberattacks. The BSP is required to provide annual public reports using a proof-of-reserve system for transparency and accountability. A strict 20-year lock on the reserve prevents its sale or collateralization, with partial liquidation possible only after a 20-year holding period under specific conditions.
The bill cites global trends in this direction as inspiration. Countries like El Salvador and Switzerland have already taken similar steps, while Russia is also exploring digital assets for international trade. This proposal also reflects the increasing popularity of digital asset investment worldwide.
The bill was introduced by Congressman Miguel Luis Villafuerte, who emphasizes the need for modernizing the Philippines’ sovereign reserve strategy to diversify beyond gold and USD.
This legislation holds significant implications for the country’s financial future. If passed, it would make the Philippines the first Asian nation with a government-backed Bitcoin reserve. The bill could also influence regional crypto policies, inspiring other Southeast Asian countries to adopt similar strategies and attract global attention from the financial world.