Philippines: Stakeholder Engagement and Roadmap for Wholesale Central Bank Digital Currency

The IMF conducted a technical assistance (TA) mission to the BSP to explore potential use cases of a wholesale Central Bank Digital Currency (wCBDC) in addressing challenges within the Philippines’ wholesale payment landscape. The mission facilitated stakeholder engagement and developed a preliminary roadmap for wCBDC exploration. Key findings from the stakeholder engagement identified inefficiencies in securities settlement and cross-border payments as exploratory areas for potential wCBDC use cases. Building on the identified use cases, the mission facilitated the development of a preliminary roadmap for wCBDC exploration. Consequently, the mission provided recommendations to ensure that BSP’s wCBDC roadmap could effectively address challenges in the financial system and promote economic development. Key recommendations include allocating project management resources effectively, identifying and analyzing economic impact of wCBDC, engaging stakeholders continuously, and establishing a robust legal framework for wCBDC experimentation and potential issuance.