According to COINOTAG on August 22 and reporting by NLNico, Philippine Congressman Miguel Villafuerte filed HB 421, proposing a national Philippine Strategic Bitcoin Reserve. The draft directs the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 bitcoins annually for five years, targeting an aggregate holding of 10,000 bitcoins to be retained untouched for 20 years.
The proposal frames the reserve as a tool to enhance national security and reinforce sovereign debt stability, positioning a long-duration Bitcoin reserve as part of macroprudential asset allocation. The measure remains a legislative initiative and reflects policy intent rather than enacted central bank strategy.
Practical implementation would require legislative approval and coordination with BSP governance, reserve accounting, and regulatory frameworks. Market impact, fiscal accounting, and reserve management procedures would be addressed in formal deliberations rather than in the proposal’s summary.