The Philippines has moved a step closer to joining the ranks of nations stockpiling Bitcoin after Congressman Miguel Luis Villafuerte introduced the Strategic Bitcoin Reserve Act in the House of Representatives.
The bill, filed during the Twentieth Congress’ first regular session, proposes the government acquire 10,000 BTC over five years to serve as a long-term strategic reserve asset.
Proposed Law Would Lock Philippine Bitcoin Reserves for Two Decades
House Bill No. 421, introduced by Representative Miguel Luis R. Villafuerte, proposes an annual acquisition of 2,000 BTC through the Bangko Sentral ng Pilipinas (BSP). The purchased Bitcoin would be placed in cold storage facilities distributed across the country and held in trust for at least 20 years.
According to the bill, the holdings could only be sold under strict conditions, such as retiring sovereign debt, and no more than 10% of the reserve may be liquidated in any two-year period after the minimum holding period expires.
As of November 2024, the Philippines’ debt had risen to ₱16.09 trillion ($285 billion), with domestic obligations accounting for nearly 68% of the total.
Supporters argue that diversifying national reserves beyond gold and the U.S. dollar is essential for financial stability, particularly as other countries accelerate their own Bitcoin strategies.
Under the bill, the Bangko Sentral ng Pilipinas (BSP) would oversee the program, purchasing 2,000 BTC annually and placing them into cold storage facilities distributed across the country.
The Bitcoin would be locked for at least 20 years, preventing sales or swaps except for limited use in retiring government debt.
Under the proposed law, the BSP governor would oversee the reserve with support from the Department of Finance, Department of Defense, and Securities and Exchange Commission (SEC).
The act mandates quarterly public “proof-of-reserve” audits verified by independent third parties, with reports published online to ensure transparency. The bill also explicitly protects private property rights, affirming that individuals and businesses remain free to buy, hold, and trade Bitcoin without government interference.
The Philippines, the bill argues, cannot afford to be left behind. “It is vital that the country stockpile strategic assets such as Bitcoin to provide financial stability and safeguard our national interest,” the note reads.
Proponents believe that other governments following suit could set off a global wave of Bitcoin buying, further constraining supply. With just 21 million BTC ever to be mined, and nearly 20 million already in circulation, advocates say early accumulation is critical.
Global Governments Control 2.29% of Bitcoin Supply, Data Shows
Governments worldwide are increasingly turning to Bitcoin as a strategic reserve asset, positioning it alongside gold and other critical resources. Villafuerte pointed to the growing global context driving the measure.
In Asia, Hong Kong lawmakers have called for official BTC reserves, Bhutan operates state-owned mining facilities, and China has long held seized Bitcoin. Russia, under sanctions, has leaned on Bitcoin for trade, with President Vladimir Putin calling it “unstoppable.”
In the West, the United States and the United Kingdom are now among the largest sovereign holders through law enforcement seizures. Thailand, Malaysia, and several European countries are also exploring reserve frameworks.
Data from CoinGecko shows that as of August 2025, 11 governments collectively control 480,196 BTC, worth about $55.6 billion, equal to 2.29% of Bitcoin’s supply. The U.S. leads with 198,022 BTC ($22.9B), followed by China with 190,000 BTC ($22B), mostly tied to confiscations.
Source: CoinGecko
The U.K. ranks third with 61,245 BTC ($7B). Smaller holders include North Korea (13,562 BTC), Bhutan (10,769 BTC), and El Salvador (6,268 BTC).
El Salvador remains the flagship example of sovereign adoption after making Bitcoin legal tender in 2021. While retail usage has waned, the government continues to accumulate, recently adding 22 BTC to its holdings, now worth over $725 million.
El Salvador has expanded its Bitcoin holdings once again, purchasing five additional BTC amid a market dip that saw the asset fall to $83,000. #ElSalvador #Bitcoinhttps://t.co/bVwm7Hs5s8
— Cryptonews.com (@cryptonews) March 4, 2025
Argentina and Venezuela have also turned to Bitcoin and stablecoins to navigate inflation and dollar shortages.
Momentum is spreading to South America. On August 20, Brazil’s Chamber of Deputies debated Bill 4501/24, which would establish a $19 billion Bitcoin reserve known as RESBit.
Philippines Ranks 7th Globally in Crypto Adoption Amid New Regulatory Push
Notably, the Philippines are third in the region in both trading volume and adoption, ranking 7th worldwide in Chainalysis’ 2024 Geography of Crypto report.
The legislation arrives as the Philippines continues to refine its stance on digital assets. In April, the SEC launched its Strategic Sandbox (StratBox) program, a regulatory framework allowing crypto firms to test new products and services in a controlled environment.
In December, the BSP completed Project Agila, a wholesale central bank digital currency (CBDC) trial aimed at improving interbank settlement efficiency using distributed ledger technology. These initiatives suggest the country is seeking a balance between innovation, regulation, and financial stability.
At the same time, regulators have ramped up enforcement. Earlier this month, the SEC issued an advisory against 10 major international exchanges, including OKX, KuCoin, Kraken, and Bybit, for operating without proper authorization in the country.
Officials warned that unlicensed platforms expose Filipino investors to “significant risk” and pledged to work with tech giants like Google, Apple, and Meta to restrict access.
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