菲律宾：利益相关者参与和批发中央银行数字货币路线图

PHILIPPINES Stakeholder Engagement and Roadmap forWholesale Central Bank Digital Currency June 2025 Prepared By Tansaya Kunaratskul (Mission Chief), Nicolas Xuan-Yi Zhang (both MCM),Ashley Lannquist (ITD), Lariza Galindo Hernandez, and Miguel Vieira Toro (both CSF) High-Level Summary Technical Assistance ReportMonetary and Capital Markets Department Philippines:Stakeholder Engagement and Roadmap for Wholesale Central Bank Digital CurrencyPrepared by Tansaya Kunaratskul (Mission Chief), Nicolas Xuan-Yi Zhang (both MCM),Ashley Lannquist (ITD), Lariza Galindo Hernandez, and Miguel Vieira Toro (both CSF) TheHigh-Level Summary Technical Assistance Reportseries provides high-level summaries ofthe assistance provided to IMF capacity development recipients, describing the high-levelobjectives, findings, and recommendations. ABSTRACT:The IMF conducted a technical assistance (TA) mission to the BSP to explore potential usecases of a wholesale Central Bank Digital Currency (wCBDC) in addressing challenges within thePhilippines’ wholesale payment landscape. The mission facilitated stakeholder engagement anddeveloped a preliminary roadmap for wCBDC exploration. Key findings from the stakeholder engagementidentified inefficiencies in securities settlement and cross-border payments as exploratory areas forpotential wCBDC use cases. Building on the identified use cases, the mission facilitated the developmentof a preliminary roadmap for wCBDC exploration. Consequently, the mission provided recommendationsto ensure that BSP’s wCBDC roadmap could effectively address challenges in the financial system andpromote economic development. Key recommendations include allocating project management resourceseffectively, identifying and analyzing economic impact of wCBDC, engaging stakeholders continuously,and establishing a robust legal framework for wCBDC experimentation and potential issuance. JEL Classification Numbers:E42, E50, E58, F24, G1, H60Keywords:Central Bank Digital Currency (CBDC), Payments,Tokenization, Cross-Border Payments The contents of this document constitute a high-level summary of technical advice provided by the staff ofthe International Monetary Fund (IMF) to the authorities of the Philippines in response to their request forcapacity development. Unless the CD recipient specifically objects within 30 business days of itstransmittal, the IMF will publish this high-level summary on IMF.org (seeStaff Operational Guidance onthe Dissemination of Capacity Development Information). Background The Bangko Sentral ng Pilipinas (BSP) has been exploring wCBDC since 2022. The BSP has recentlycompleted a sandbox testing and was finalizing assessments of the wCBDC prototype, focusing onextended operation hours for interbank fund transfers using distributed ledger technology (DLT) underProject Agila. The IMF has provided multi-phased TA to the BSP to support its CBDC journey at variousstages: Phase 1 (June 2022)–virtual educational presentations on CBDCs; Phase 2 (December 2022)–initial onsite evaluation of the suitability of wCBDC for certain market segments; and Phase 3 (November2023)–onsite technology and policy guidance for the new Project Agila’s prototype. In this fourth mission, the IMF assisted the BSP in stakeholder engagement to validate wCBDC usecases for addressing challenges within the Philippines’ wholesale payment systems, as well as to developa roadmap for wCBDC exploration. The onsite mission was conducted from November 26 to December 4,2024. Additionally, the mission provided a desk review on Project Agila’s outcome reports. The mission included two main components: facilitating stakeholder engagement through a design-thinking workshop and developing a preliminary roadmap for wCBDC exploration. The workshopsincluded BSP staff from relevant departments as well as representatives from financial institutions,regulators, agencies, and industry associations. Summary of Findings During the stakeholder engagement workshops, the participants identified key pain points in thewholesale payment landscape, including inefficiencies in securities settlement processes, a lack ofinteroperability among existing payment systems, and inefficiencies in cross-border payments. Thediscussions prioritized two potential use cases for wCBDC: the settlement of tokenized governmentbonds and the enhancement of cross-border payments. While not able to fully resolve all thesechallenges, wCBDC offers a potential way to partially address them. The use of wCBDC for tokenized government bond settlement could enhance access for individual retailinvestors and improve the efficiency of secondary trading and settlement processes. The workshopparticipants emphasized the importance of supporting the Bureau of Treasury's experimentation withgovernment bond tokenization. By enabling simultaneous and conditional delivery-versus-payment (DvP)settlement of tokenized government bonds in central bank money, wCBDC could lower principal, li