The International Monetary Fund (IMF) plans to collaborate with the Philippine central bank, Bangko Sentralng Pilipinas (BSP), on the creation of a central bank digital currency (CBDC). The IMF said it will advise the BSP on the technical details involved in creating a CBDC and will also participate in training Philippine central bank staff on digital currency applications. Foresight News previously reported that the governor of the Philippine central bank said in an interview that the central bank is in talks with several banks and financial institutions for a pilot test of a central bank digital currency (CBDC) in the fourth quarter.