A legislative effort to reshape the Philippines’ approach to financial resilience is gaining attention as the country weighs incorporating bitcoin into its national reserves. Philippine Representative Miguel Luis R. Villafuerte introduced House Bill No. 421 on June 30, 2025, formally titled “An Act Creating the Strategic Bitcoin Reserve and Appropriating Funds Therefor.” The measure, which carries national significance, was read in the House of Representatives on July 29, 2025, and is currently pending with the Committee on Banks and Financial Intermediaries.

The proposal outlines a Strategic Bitcoin Reserve to be administered by the Bangko Sentral ng Pilipinas (BSP), directing the purchase of up to 10,000 BTC—2,000 BTC annually over five years—to be held in trust for 20 years. Villafuerte emphasized the bill’s intent:

While the Philippines holds dollar and gold reserves, the increasing significance of BTC in ensuring financial and economic prowess across continents makes it imperative for the country to take significant legislative measures to maximize pressing economic opportunities to safeguard our financial standing.

Under the bill, the BSP would construct a decentralized bitcoin custody network, stating: “The Governor shall establish a decentralized network of bitcoin storage facilities across the Philippines.” These facilities would form part of a cold storage infrastructure dispersed nationwide to ensure operational resilience. The BSP Governor would be tasked with managing the holdings, coordinating with the Departments of Finance, Defense, and Information and Communications Technology, and publishing quarterly public reports audited by a third party.

The reserve is to be funded directly from the BSP’s existing budget, and the acquisition timeline is clarified in the bill:

Through the BSP, a Strategic BTC Reserve is hereby created where 2,000 BTC will be purchased annually over five years which will be held in trust for 20 years.

Although detractors cite price volatility and potential regulatory uncertainty, proponents argue that bitcoin’s capped supply and decentralized nature offer protection against inflation and systemic financial risk. The bill includes firm language protecting private property rights, prohibiting the confiscation of legally held bitcoin and reaffirming the freedom to acquire, use, and transfer the asset.

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