The Philippine Congress is moving toward the adoption of Bitcoin as a national strategic asset with a proposed accumulation plan.
The Philippines could become one of the first nations to adopt Bitcoin as a national strategic reserve. A new legislative proposal introduced by Congressman Miguel Luis Villafuerte outlines a plan for the acquisition and long-term custody of bitcoin.
The proposed law, called House Bill 421, establishes a detailed framework for creating a strategic reserve. The plan requires the Philippine central bank, Bangko Sentral ng Pilipinas, to purchase 2,000 bitcoins annually over five consecutive years, thereby reaching the final target of 10,000 BTC.
The proposal emphasizes the importance of secure custody. The acquired bitcoins must be held in cold storage, an offline method that provides protection against cyberattacks and digital theft.
The bill requires quarterly reserve audits by independent third parties. These reports must be published online to ensure transparency. The proposal also explicitly protects private property rights, affirming that individuals and businesses remain free to buy, hold, and trade bitcoin without government interference.
The 20-year lock-up period established by the bill highlights a long-term vision that reflects confidence in Bitcoin’s future price growth. During this period, Philippine authorities will be prohibited from selling or exchanging the bitcoins, except for the repayment of national public debt.
At the end of the lock-up period, the central bank governor may sell up to 10% of the bitcoins in any two-year period.
Congressman Villafuerte emphasized that “the increasing significance of BTC in ensuring financial and economic prowess across continents makes it imperative for the country to take significant legislative measures.”
According to Bitbo data, world governments collectively hold 517,296 bitcoins, corresponding to 2.46% of the total supply capped at around 21 million units. However, their reserves mainly come from confiscations and legal seizures.
