Philippine lawmakers have filed a bill asking its central bank, Bangko Sentral ng Pilipinas (BSP), to build a 10,000 BTC reserve by purchasing 2,000 Bitcoin each year for five years.
The bill, introduced by House ICT Committee chair and Camarines Sur Representative Migz Villafuerte, calls for a national Bitcoin reserve to help expand the country’s asset base and improve financial security.
The proposed Strategic Bitcoin Reserve Act, also known as House Bill 421, requires the BSP to hold the purchased Bitcoin in cold storage across the country. The reserve would be locked for 20 years and could only be used to pay off government debt.
One year before the lock-up ends, the BSP governor must inform Congress on whether to keep the reserve or release part of it. Even after the 20-year period, no more than 10 percent of the holdings could be sold every two years.
Villafuerte said the move is necessary for the Philippines to prepare for the future. “It is vital for the Philippines to stockpile strategic assets such as BTC to serve important national interests such as providing financial stability,” he said. He pointed to Bitcoin’s performance since its launch in 2009, noting a compound annual growth rate of about 40 percent over the last five years.
The lawmaker also pointed to global momentum. Switzerland has been exploring the idea of adding Bitcoin to its reserves, while Hong Kong legislator Wu Jiezhuang has openly supported including it in financial holdings. Poland is also looking at similar plans.
Meanwhile, in Asia, Japan’s Metaplanet recently increased its Bitcoin holdings to 18,888 BTC, making it one of the largest institutional holders. Reports also suggest that Chinese authorities have seized large amounts of Bitcoin, though some of it has been sold to cover funding needs.
At home, the Philippines Securities and Exchange Commission has tightened oversight of exchanges. Since July 5, crypto platforms in the Philippines are required to register and meet new compliance rules, with authorities flagging unlicensed operators, like OKX, ByBit, Bitget, Mexc, KuCoin, and Kraken.
If approved, the bill would make the Philippines the first country in Asia with a government-run Bitcoin reserve.
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