The Philippines is considering a new bill that would direct its central bank to purchase 10,000 bitcoin over five years to enhance financial stability.
Bitcoin Purchase Bill
The proposed bill stipulates that the central bank will buy 2,000 bitcoin annually, totaling 10,000 BTC. These will be held in a trust for at least 20 years, with sales permitted only to reduce public debt. The bill was introduced by Congressman Migz Villafuerte, who frames bitcoin as a strategic reserve asset.
Strategic Reserves and Comparative Analysis
If approved, this bill would position the Philippines among the largest sovereign holders of bitcoin. Currently, El Salvador holds about 6,200 BTC after adopting it for its treasury. Research firm BitcoinTreasuries estimates that the United States and China control larger amounts at approximately 198,021 and 190,000 BTC, respectively.
Regional Reserve Discussions
The policy debate is expanding across the region. Brazil recently held public hearings on a bill to allow up to 5% of national reserves to be converted into bitcoin. If passed, this could allow Brazil to acquire over 147,000 BTC, potentially placing it among the top sovereign holders. Proponents in both countries argue that early action could lower long-term acquisition costs, while opponents warn of volatility and balance-sheet risks.
The situation surrounding the bill in the Philippines and discussions in other countries signals a growing interest in bitcoin as a treasury asset and potential shifts in governmental approaches to its use.
