Philippines Sets $60B Target with Tokenization Plan, Poised to Transform International Finance

The Philippines: A Rising Force in Tokenized Asset Markets

The Philippines is rapidly establishing itself as a significant contender in the global market for tokenized assets. A recent study predicts that the country's tokenized asset sector could soar to $60 billion by 2030. This research, titled "Project Bayani: The Philippines' Asset Tokenization Opportunity," was produced collaboratively by the Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital. The report positions the Philippines as uniquely equipped to spearhead innovation in blockchain-powered finance, viewing this growth as the first step in a broader transition to tokenized financial systems rather than a fixed market ceiling.

Digital Infrastructure Fuels Growth

The anticipated expansion is largely attributed to the Philippines' robust digital infrastructure. Popular blockchain-based mobile wallets such as GCash, Maya, and Coins.ph have already made digital asset transactions commonplace, paving the way for widespread adoption of tokenized investment products like government bonds, stocks, and mutual funds. Notably, 14% of Filipinos currently own cryptocurrency—far surpassing the less than 5% who invest in traditional financial instruments. This digital-first approach enables the country to bypass conventional financial intermediaries and broaden access to capital markets.

Progressive Regulation Drives Adoption

Supportive regulatory measures have further accelerated the uptake of tokenized assets. The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have introduced forward-thinking frameworks for Virtual Asset Service Providers (VASP) and Crypto-Asset Service Providers (CASP), creating a secure environment for the distribution of tokenized assets. These initiatives have already enabled projects like the Bureau of the Treasury’s tokenized government bonds, launched in 2023 through PDAX and GCash. With a minimum investment of just ₱500, this program has made government securities accessible to millions, showcasing the scalability of tokenized finance.

Global Context and Strategic Importance

The Philippines’ ambitions are part of a broader worldwide movement. Joint research from BCG and Ripple forecasts that the global tokenized asset market could reach $18 trillion by 2033. Early adoption is especially crucial in countries with high rates of mobile and crypto usage. For the Philippines, the integration of stablecoins into remittance and cross-border payment systems is emerging as a transformative force, offering faster and more affordable alternatives to traditional banking channels.

Market Segments and Economic Impact

• Public Equities: $26 billion
• Government Bonds: $24 billion
• Mutual Funds & UITFs: $6 billion

These projections reflect strong confidence in the country's ability to efficiently tokenize real-world assets, leveraging its advanced digital infrastructure. The report highlights that tokenization reduces barriers to entry, increases liquidity, and aligns with international standards for blockchain-based finance.

Challenges and Future Outlook

While some remain skeptical about the pace of this projected growth, the report points to early achievements—such as the success of GBonds and a supportive regulatory landscape—as evidence of a solid foundation. PDAX CEO Nichel Gaba emphasized the critical role of trust and accessibility in driving sustained economic development, drawing comparisons to how historical surpluses have fueled progress. The Philippines’ efforts mirror global trends, with major financial institutions like DTCC and BlackRock exploring tokenized assets and ETFs, signaling a worldwide shift toward blockchain-driven financial solutions.

Looking Ahead: A Blueprint for Emerging Markets

As the Philippines continues its journey, the emphasis remains on expanding access and scalability. With stablecoins, tokenized bonds, and digital wallets already in widespread use, the country’s financial landscape is set to serve as a model for other emerging economies. Achieving the $60 billion target would not only mark a significant milestone for the Philippines but could also provide a template for how tokenization can transform global capital markets.