top of page
  • Writer's pictureBy The Financial District

BSP Selects Ledger Technology Provider

The Bangko Sentral ng Pilipinas (BSP) has chosen Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project: Project Agila, formerly known as Project CBDCPh.


The pilot participants are expected to have a clearer understanding of CBDC technology and assess the capability of wholesale CBDCs to foster advancements in the large-value payment system when Project Agila concludes.



Project Agila aims to familiarize the BSP and participating financial institutions with CBDC technology solutions that have the potential to enhance the country's large-value payment system.


With the assistance of select financial institutions, the BSP opted for DLT because this technology allows data and transactions to be recorded, shared, and synchronized across a distributed network of different participants.



This will be a valuable mechanism for testing Project Agila's use-case scenario, enabling inter-institutional fund transfers even during off-business hours (i.e., evenings, weekends, and holidays) or when PhilPaSSplus is unavailable.


Hyperledger Fabric was selected through a rigorous process that included system demonstrations, walkthrough procedures, and a scoring system, covering aspects such as system access, security, 24/7 availability, interoperability, and programmability.


CBDCs are a form of digital money denominated in the national unit of account and are direct liabilities of the central bank.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Wholesale CBDCs may be issued to commercial banks and other financial institutions to settle interbank payments, securities transactions, and cross-border payments, among other uses.


"By the end of Project Agila, the pilot participants are expected to have a clearer understanding of CBDC technology and assess the capability of wholesale CBDCs to foster advancements in the large-value payment system. The results of the assessment are seen to guide the BSP and the industry on a possible launch of wholesale CBDCs in the Philippines," said BSP Governor Eli M. Remolona, Jr.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Participating financial institutions in this project include BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation, Union Bank of the Philippines, and Maya Philippines, Inc.


Meanwhile, observing financial institutions for succeeding stages are Citibank N.A. Manila, China Bank Savings, Wealth Development Bank Corporation, and SeaBank Philippines, Inc.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

After selecting the technology for the project, participants will test the use of wholesale CBDC technology alongside PhilPaSSplus in a sandbox environment.


"With the goal of further enhancing the efficiency and safety of the national payment system, we will use learnings from the project as input for crafting BSP’s wholesale CBDC project roadmap," Governor Remolona added.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The BSP also collaborated with multilateral organizations, such as the International Monetary Fund and the Bank for International Settlements Innovation Hub, on the technical, risk management, and governance aspects of the pilot CBDC project.




Optimize asset flow management and real-time inventory visibility with RFID tracking devices and custom cloud solutions.
Sweetmat disinfection mat

bottom of page