Bangko Sentral ng Pilipinas said it will not be exploring the retail version of its central bank digital currency but will focus its efforts on transactions between financial institutions.
Central bank governor Benjamin Diokno said the wholesale CBDC may help the country address financial system problems like issues in large cross-border transfers, commercial bank money, and more.
The Bangko Sentral ng Pilipinas is set to move forward with a research project on a national digital currency, called "Project CBDC-Ph," although the central bank says it doesn’t see a need for digital peso.
