PH central bank completes proof-of-concept test for wholesale CBDC

Project Agila enabled banks to transfer funds during off-business hours.

The Bangko Sentral ng Pilipinas (BSP) announced that it has completed testing for Project Agila, which tested whether financial institutions (FIs) can transfer funds to each other even during off-business hours.

Tested in partnership with FIs, Project Agila allowed FIs to transfer funds even during evenings, weekends, and holidays. These transactions can safely be supported by open-source distributed ledger technology through the Oracle Cloud Infrastructure, the BSP said in a statement posted on its website.

Project Agila is a proof-of-concept of the BSP’s central bank digital currency (CBDC) at the wholesale level.

“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” BSP Governor Eli M. Remolona, Jr. said.

He added that insights from Project Agila will be used in the central bank’s CBDC roadmap.

“Our goal is to leverage new technologies to further enhance the efficiency and resilience of the national payment system,” he added.

Project Agila aims to help the BSP and participating FIs explore and test the potential of CBDCs, whilst evaluating if this technology can help improve the country’s large-value payment system, the BSP said.

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central bank digital currency

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