PH poised to pivot toward digital investments
Tokenized assets in the Philippines are on track to overtake traditional investments as more Filipinos adopt blockchain-enabled mobile wallets and government agencies roll out digital bond offerings.
In a report named “Project Bayani” by the Philippine Digital Asset Exchange (PDAX), the tokenized-asset market in the country could reach $60 million (approx. P3.5 trillion) by 2030 on the back of the market shift to mobile wallets such as GCash, Maya and Coins.ph.
This estimate, according to PDAX, is “not a ceiling, but a starting point.” It includes $26 billion in public equities, $24 billion in government-backed bonds, $6 billion in mutual funds, and $4 billion in other assets.
PDAX’s Project Bayani is in collaboration with Saison Capital and Onigiri Capital. Tokenized assets are real-world investments, such as bonds, stocks or funds, turned into digital pieces using blockchain technology. This technology is supported by a regulatory framework from Bangko Sentral ng Pilipinas (BSP).
“Tokenization in the Philippines is about more than just digitizing existing financial products, it’s about expanding access to underserved populations,” the report read.
“With blockchain wallet-based infrastructure already in place and millions of Filipinos still excluded from traditional investment platforms, tokenization represents an opportunity to foster participation, not just efficiency,” it added.
In November 2023, the Bureau of the Treasury (BTr) launched the country’s first-ever Tokenized Treasury Bonds.
The BTr also partnered with PDAX and UnionBank to sell government bonds via Bonds.ph for as low as P5,000.
“This partnership brought government bonds directly to the fingertips of millions of Filipinos,” National Treasurer Sharon Almanza said. “It represents a bold leap forward in democratizing access to public financial instruments further promoting inclusion.”
Retail investors can also invest in tokenized government bonds via GCash and PDAX for a minimum of P500.
‘Unique advantage’
Meanwhile, PDAX CEO Nichel Gaba said the country had a “unique advantage” due to blockchain wallets being mainstream.
“We’re not starting from scratch. The infrastructure to deliver tokenized assets to millions of Filipinos already exists in their pockets. Our focus now is to connect that infrastructure to real, regulated financial products.”
According to the report, some mobile wallets have become accessible across socio-economic classes, such as GCash jumping to 94 million users in 2023 from 20 million prior to the pandemic. As of 2025, PDAX said mobile wallet penetration had already surpassed bank account penetration.
“The Philippines has achieved near-universal coverage with mobile wallets and has even leapfrogged most of the world by providing near-universal distribution of blockchain wallets,” PDAX said.
Further, 14 percent of Filipinos hold cryptocurrencies, translating to an estimated 15 million users in 2025. This is higher than the fewer 5 percent that still hold traditional investments.
