Filipino lawmaker Representative Migz Villafuerte has introduced House Bill 421, which seeks to establish a strategic Bitcoin (BTC) reserve for the Philippines. The bill tasks the Bangko Sentral ng Pilipinas (BSP) with acquiring 10,000 BTC over the next five years.
House Bill 421 recommends that the BSP purchase 2,000 BTC annually, targeting a total of 10,000 BTC within five years. These holdings would be locked in for a minimum of 20 years to provide long-term debt stability. Villafuerte explained:
It is vital for the Philippines to stockpile strategic assets such as BTC to serve important national interest such as providing financial stability, among others.
During the 20-year holding period, none of the BTC in the reserve may be sold, swapped, or auctioned except to reduce government debt. One year before the term expires, the BSP governor must provide recommendations on whether to keep the reserve or allow gradual sales.
After the minimum holding period, the reserve may be reduced. However, sales will remain capped at no more than 10% of total holdings every two years.
The bill calls for oversight by the Monetary Board (MB) to ensure transparency. It also requires the BSP to include updates on the Bitcoin reserve in its quarterly reports.
