Bangko Sentral ng Pilipinas considering to release their own CBDC

The Philippine central bank, the Bangko Sentral ng Pilipinas (BSP), is considering releasing its own CBDC. At a Youth summit held by BSP this 2021, the BSP Governor Benjamin Diokno said that they are monitoring the development and researching for the release of CBDC.

According to Diokno, the findings of the recent BSP study on CBDCs indicate that the central bank should continue its research, increase its own staff's ability, and form networks and collaborations with other central banks and institutions that are taking similar actions. “That said, the BSP is not keen on issuing its own CBDC anytime soon,” he said.

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