Philippines central bank completes wholesale CBDC pilot

According to a report, the Philippine central bank (BSP) recently announced that it has completed a conceptual verification test of its Agila project wholesale central bank digital currency (wCBDC) along with other financial institutions. Specifically, the latest test examined whether Philippine banks can make payments to each other outside of bank operating hours, such as at night, on weekends, and holidays. BSP Governor Eli M. Remolona, Jr. said, "Wholesale CBDCs are expected to strengthen liquidity management, reduce settlement risks, and support financial stability. The insights from this project will guide BSP's CBDC roadmap. Our goal is to use new technology to further improve the efficiency and resilience of the national payment system."