Project Agila Statistic

The selection of the name Agila holds deep significance embodying the project's unwavering commitment to connecting and empowering the Filipino nation through the expansion of access to the digital world. PBBM gets 'Agila', the first internet satellites dedicated to PH to bring internet connectivity to far-flung areas

Updates on CBDC development simmered down until a year later in September 2023, when the BSP announced renewed progress in the project, which now goes by the name Project Agila. quotBy the end of

Project Agila tested the system's functionality, security, and programmability, aiming to improve the efficiency and resilience of the Philippines' large-value payment infrastructure. Unlike retail CBDCs, which target public use, wholesale CBDCs are tailored for high-value transactions, including interbank settlements and cross-border payments.

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Hyperledger Fabric was cherrypicked to be the backbone of the Bangko Sentral ng Pilipinas' Central Bank Digital Currency CBDC project, dubbed Project Agila, following the Philippines' central banking institution's announcement yesterday.. Known formerly as CBDCPh, Project Agila serves as BSP's learning ground as it aims to orient itself and its partners in the financial sector toward

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The findings and assessments from the sandbox test experiments on Project Agila will be reported by the end of this year. The BSP has collaborated with multilateral organisations such as the International Monetary Fund and the BIS Innovation Hub on the technical, risk management, and governance aspects of the pilot CBDC project.

PH CBDC The Bangko Sentral ng Pilipinas BSP, led by Governor Eli Remolona Jr., plans to issue a wholesale central bank digital currency CBDC by 2029 under Project Agila. The initiative is aimed at modernizing the Philippines' large-value payment system and improving transaction efficiency. Timeline 2022 Project Agila launched. 2023 Hyperledger Fabric chosen.

As of end-2022, about 42 percent of monthly retail payments volume are in digital form, from 10 percent in 2018 and 1 percent in 2013. Around 20.3 million new transaction accounts were opened in 2020-2021 based on the increase in e-money and basic deposit accounts. There is minimal perceived added value for the use of retail CBDC in the Philippines given the progress in the implementation of

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