On 12 February 2024, it was reported that, during a briefing with journalists, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. stated it was his aim to launch a central bank digital currency (CBDC) product within the next two years.
The CBDC will reportedly be focused on wholesale application with banks being the only counterparties to transactions. The BSP anticipates that there would still be retail possibilities for the CBDC but considers the risks of launching a retail focused CBDC to be too high.
Governor Remolona also confirmed that blockchain or distributed ledger technology will not be used.