the philippines to launch project cbdcph

Last wednesday, the philippines announced that the country will kick off project cbdcph, a wholesale central bank digital currency pilot project. benjamin e. diokno, governor of the bangko sentral ng pilipinas, spoke about the project at the 14th annual group of 24/alliance for financial inclusion policymakers roundtable. as of 2020, about 20.1 percent of monthly retail payment volume was digital, up from 10% in 2018 and 1% in 2013. all government salaries are paid digitally.

the philippines has joined the group of 24, which coordinates “the position of developing countries on monetary and development issues,” by signing memorandums of understanding with the monetary authority of singapore and the central bank of mauritius in the areas of digital currency, fintech, and islamic banking. the financial action task force recently identified the country with insufficient anti-money laundering and counter-terrorism financing standards.

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