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Caloocan Rep. Edgar “Egay” Erice stated that his crypto adoption bill, filed in the House of Representatives, seeks to harness cryptocurrency to lower the cost of sending money home for overseas Filipino workers (OFWs).
Crypto for Remittance
House Bill 4792, or the “Philippine Tokenization and Crypto Adoption Act of 2025,” proposes the creation of the National Council on Digital Assets and Tokenized Investments (NCDATI) to establish rules for the safe and transparent use of digital assets in the country. (Read more: List of Blockchain and Bitcoin Bills Filed in the Philippines)
In a Facebook post, Erice noted that cryptocurrency offers faster and cheaper remittance channels for OFWs, providing a viable alternative to traditional remittance services that often charge high fees.
“Ano ang solusyon ng batas na ito? Itatatag ang National Council on Digital Assets and Tokenized Investments (NCDATI) para: Gumawa ng malinaw na rules para sa ligtas at maayos na paggamit ng crypto. Magbigay ng proteksyon laban sa scam at mapanlinlang na gawain. Bigyan ng boses ang ordinaryong Pilipino, kasama ang OFWs at civil society, sa paggawa ng polisiya.”
Edgar R. Erice, Representative, Caloocan 2nd District
[Translation: What is the solution offered by this bill? It will establish the National Council on Digital Assets and Tokenized Investments (NCDATI) to: Create clear rules for the safe and proper use of crypto. Provide protection against scams and fraudulent activities. Give ordinary Filipinos, including OFWs and civil society, a voice in policymaking.]
The bill also envisions wider retail adoption of crypto for businesses and merchants, while promoting government transparency through blockchain-based systems.
The measure outlines safeguards against scams and fraudulent activities, citing the need for clear regulations to protect Filipinos from losses in unregulated crypto schemes. It also mandates citizen participation in policymaking, including representation from OFWs and civil society groups.
“Sa pamamagitan ng batas na ito, magkakaroon ng malinaw at makataong gabay ang bansa sa paggamit ng digital na pera – isang hakbang tungo sa mas ligtas, makatarungan, at maunlad na kinabukasan para sa bawat Pilipino.”
Edgar R. Erice, Representative, Caloocan 2nd District
[Translation: Through this law, the country will have clear and humane guidelines for the use of digital currency — a step toward a safer, fairer, and more prosperous future for every Filipino.]
If passed, HB 4792 would serve as the national framework for cryptocurrency adoption, stablecoin use, decentralized finance, crypto exchanges, and tokenization of real-world assets. The measure has been pending with the Committee on Banks and Financial Intermediaries since September 25, 2025.
Worth reading: Philippines House Bill 4792 Seeks National Council on Digital Assets and Crypto Regulation
Utilizing Crypto in Remittance
Cryptocurrency is already being used in the Philippines as an alternative remittance channel, allowing OFWs to send money faster and at lower costs compared to traditional services.
One of the local platforms using blockchain and stablecoins to streamline remittances for overseas Filipinos is Coins.ph. It has global expansion and partnerships with firms like Circle, Fasset, Stables, and OK Remit to make crypto-powered remittances more accessible.
In 2023, Cebuana Lhuillier integrated the Stellar Blockchain Network to offer faster and cheaper cross-border remittance services for OFWs across its 3,000+ branches in the Philippines. In the same year, Pouch.ph partnered with Neutronpay to enable OFWs in Canada and Vietnam to send money instantly to Philippine banks and e-wallets via Bitcoin’s Lightning Network.
In 2022, Velo Labs and PDAX partnered to open a blockchain-powered remittance corridor in the Philippines via the Stellar Network. A year later, PDAX CEO Nichel Gaba revealed that remittance companies sending money to the Philippines prefer using XRP and stablecoins due to their efficiency, seamless systems, and price stability.
In the first half of 2023, OFW remittances reached $17.59 billion up 3% from the same period in 2022, according to the Bangko Sentral ng Pilipinas. The growth was driven mainly by inflows from the U.S., Singapore, and the U.A.E., with cash remittances coursed through banks hitting $2.81 billion in June alone.
This article is published on BitPinas: Egay Erice Pushes Crypto Bill For Lower Remittance Fees to OFWS
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