Philippines' Tokenized Blueprint Aims for $60B, Reshaping Global Finance

The Philippines is emerging as a pivotal player in the global tokenized asset market, with a newly released study projecting the country's market could reach $60 billion by 2030. The report, Project Bayani: The Philippines' Asset Tokenization Opportunity, co-authored by the Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital, highlights the nation's unique position to lead in blockchain-based financial innovation. This potential is framed as an "opening move" in a broader shift toward tokenized finance, rather than a standalone market cap limit.

The report attributes this growth to existing infrastructure, including widespread adoption of blockchain-enabled mobile wallets like GCash, Maya, and Coins.ph. These platforms already facilitate digital asset transactions, creating a ready audience for tokenized investment products such as government bonds, equities, and mutual funds. The study notes that 14% of Filipinos own cryptocurrency, a rate that outpaces traditional investment participation, where less than 5% of the population holds stocks, bonds, or mutual funds. This digital-first mindset positions the Philippines to bypass traditional financial gatekeepers and democratize access to capital markets.

Regulatory frameworks are also accelerating adoption. The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have implemented progressive rules, including the VASP (Virtual Asset Service Provider) and CASP (Crypto-Asset Service Provider) frameworks, which provide a sandbox for secure tokenized asset distribution. These measures have already enabled pilots like the Bureau of the Treasury's (BTr) tokenized government bonds, launched in 2023 via PDAX and GCash. With a minimum investment of ₱500, the program has brought government securities to millions of Filipinos, demonstrating the scalability of tokenized finance

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The report also contextualizes the Philippines' ambitions within a larger global trend. According to a joint analysis by BCG and Ripple, tokenized assets are projected to grow into an $18 trillion market by 2033. This trajectory underscores the strategic importance of early adoption, particularly in markets with high mobile and crypto literacy. For the Philippines, the integration of stablecoins into remittances and cross-border transactions is identified as a "quiet catalyst," offering faster, cheaper alternatives to traditional banking systems.

Key segments of the projected $60 billion market include $26 billion in public equities, $24 billion in government-backed bonds, and $6 billion in mutual funds and UITFs (Unit Investment Trust Funds). These figures reflect confidence in the country's ability to tokenize real-world assets efficiently, leveraging existing digital infrastructure. The study emphasizes that tokenization lowers entry barriers, enhances liquidity, and aligns with global standards for blockchain-based finance.

Critics may question the feasibility of such rapid growth, but the report counters that early successes like GBonds and the regulatory environment provide a solid foundation. PDAX CEO Nichel Gaba highlighted the importance of trust and accessibility in sustaining economic growth, drawing parallels to how surplus historically fueled development. The initiative also aligns with broader trends, such as Wall Street firms like DTCC and BlackRock exploring tokenized collateral and ETFs, signaling a global shift toward blockchain-based financial tools.

As the Philippines moves forward, the focus remains on scalability and inclusivity. With stablecoins, tokenized bonds, and digital wallets already in play, the nation's financial ecosystem is poised to become a model for emerging markets. If executed successfully, the $60 billion target could mark not just a milestone for the Philippines, but a blueprint for how tokenization reshapes global capital markets.