Philippines Central Bank Completes CBDC Pilot Project

According to Odaily, the Central Bank of the Philippines (BSP) has successfully completed a proof-of-concept trial for its Agila Project, which focuses on wholesale central bank digital currency (wCBDC). This trial was conducted in collaboration with other financial institutions to explore the feasibility of interbank payments outside of regular banking hours, including nights, weekends, and holidays. BSP Governor Eli M. Remolona, Jr. highlighted the potential benefits of wholesale CBDCs, stating that they could enhance liquidity management, reduce settlement risks, and support financial stability. The insights gained from this project are expected to inform the BSP's roadmap for CBDC development. The overarching goal is to leverage new technologies to improve the efficiency and resilience of the national payment system.