Philippines central bank completes wholesale CBDC pilot

The Bangko Sentral ng Pilipinas (BSP) said recently that it has completed a proof-of-concept trial of its Project Agila wholesale central bank digital currency (wCBDC) with other financial institutions. Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of banking hours, such as evenings, weekends, and holidays. BSP Governor Eli M. Remolona, ​​Jr. said: "Wholesale CBDC is expected to enhance liquidity management, reduce settlement risks, and support financial stability. Insights from this project will guide the BSP's CBDC roadmap. Our goal is to use new technologies to further improve the efficiency and resilience of the country's payment system."