The Bangko Sentral ng Pilipinas (BSP) has highlighted the prospective utility of wholesale central bank digital currencies (CBDCs) for executing cross-border payments and settling large-value financial securities. BSP Governor Eli M. Remolona, Jr. noted that these digital assets could optimize national payment infrastructures and foster innovative financial services tailored to changing ecosystem demands. Findings from the central bank’s “Project Agila” report indicate that integrating wholesale CBDCs into securities trading could mitigate settlement risks by significantly compressing the timeframe between deal execution and final finality.
In terms of structural design, a wholesale CBDC operates specifically as a digital currency reserved for commercial financial institutions rather than the general public. Under the BSP’s envisioned framework, participating banks would be required to hold dedicated accounts directly with the central bank, mirroring the operational mechanics of the current real-time gross settlement (RTGS) network.
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