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With additional reporting by Nath Cajuday
The Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital released a new whitepaper estimating that the country’s tokenized-asset market could reach US$60 billion by 2030.
(The report can be accessed here.)
PH Tokenized Market to Thrive
At the initiative’s press conference, the firms unveiled Project Bayani: The Philippines’ Asset Tokenization Opportunity, a study projecting significant growth in tokenized government bonds, mutual funds, equities, and other investment products.
The event was held on November 27, 2025, at the Ascott Hotel in Bonifacio Global City, Taguig. Organizers said the project is formally launching on this date, though key components are already live.
The PH Position
According to the report, the Philippines is in a strong position to expand tokenized finance by using existing blockchain-enabled mobile wallets from GCash, PDAX, Maya, and Coins.ph.
- It noted that since these platforms already allow users to hold digital assets, it is possible to distribute tokenized investment products without building new infrastructure.
- The study notes that 14% of Filipinos currently own cryptocurrency, compared with less than 5% who hold stocks, bonds, or mutual funds.
The Tokenization Opportunity
Conversely, the report’s executive summary stated that tokenizing real-world assets such as government bonds lowers barriers to entry, expands access, and provides a more secure and efficient way for Filipinos to invest.
- It says tokenization could help traditional institutions and fintechs reach millions of users who have not previously participated in capital markets.
Stablecoins are also identified as the “quiet catalyst,” which transforms cross-border remittances by offering faster, cheaper, and more transparent on-chain transfers.
The Role of the SEC and BSP
The paper also pointed to several factors driving this shift, noting that the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have put in place progressive regulatory frameworks:
Qin En Looi
Qin En Looi, managing partner of Onigiri Capital and partner at Saison Capital, said the integration of blockchain into daily financial habits positions the Philippines for a “tokenized-first” market.
“With wallets as the primary financial interface for millions, tokenization is a natural next step in how Filipinos save, invest, and build wealth.”
Qin En Looi, managing partner, Onigiri Capital; and partner, Saison Capital
Luis Buenaventura
Moreover, during the panel discussion, GCash Executive Luis Buenaventura pointed out that the SEC and BTr are becoming more open and engaged.
“The government has seen a lot of interaction within the community. You can see where the sentiment is from initiatives like this. I think people are more interested in participating in how the country is being run.”
“The idea that they are starting to engage with the community, that’s the formula and recipe for moving forward that is not adversarial. I see that level of openness from the SEC and Bureau of the Treasury (BTr), and that helps us move forward.”
Luis Buenaventura, Executive, GCash
The executive summary also noted that the Philippines could emerge as a leader in wallet-native finance, as global standards for tokenized assets continue to develop. It describes a future in which digital asset ownership becomes part of daily life and tokenized products become the most widely held form of traditional investments.
Nichel Gaba
In his closing remarks, Gaba concluded the event by thanking attendees, partners, and regulators, emphasizing the goal of making financial markets more accessible and trustworthy to sustain the country’s economic growth.
“I think we can think back to early civilization, when it was actually surplus that was the lifeblood of growth.”
“In today’s world, that surplus is core to the financial markets. And if we can make our financial markets more accessible, and engender more trust in the market, then we can sustain this economic growth for the country.”
Nichel Gaba, CEO, PDAX
Prior Integration
The Bureau of the Treasury’s partnership with PDAX and GCash to distribute tokenized government bonds was cited as proof of early adoption.
It was first introduced in 2023 when the Philippine Bureau of the Treasury approved the issuance of blockchain-based tokenized treasury bonds through PDAX, which enables Filipinos to invest in government securities with a minimum of ₱500.
In July this year, the BTr, together with GCash and PDAX, launched GBonds, a blockchain-based platform that allows Filipinos to invest in government securities through the GCash app. The initiative aims to broaden access to low-risk investments by using digital platforms already widely adopted nationwide.
“This partnership brought government bonds directly to the fingertips of millions of Filipinos… It represents a bold leap forward in democratizing access to public financial instruments further promoting financial inclusion.”
Sharon P. Almanza, Treasurer, Philippines
What is Project Bayani
Project Bayani: The Philippines’ Asset Tokenization Opportunity is a joint study released by PDAX, Saison Capital, and Onigiri Capital.
It examines how tokenization, the process of converting real-world assets such as government bonds, equities, and mutual funds into digital tokens on a blockchain, could expand financial inclusion and reshape the country’s capital markets.
The largest potential is estimated to be in:
- Public Equities: $26 billion.
- Government-backed Bonds: $24 billion.
- Mutual Funds / UITFs: $6 billion.
It argues that the country is uniquely positioned for a “tokenized-first” financial system because:
- Blockchain-enabled mobile wallets are already widely used, making distribution of tokenized assets fast and low-cost.
- Filipinos are more familiar with digital assets than traditional investments, with crypto ownership outpacing participation in stocks or bonds.
- Regulators such as the BSP and SEC have created supportive frameworks, including VASP and CASP rules and sandbox programs.
- Early pilots, such as tokenized government bonds via PDAX and GCash, have shown strong nationwide uptake, especially due to the low PHP 500 entry point.
The study outlines how tokenization can make investing more accessible, secure, and transparent, and presents a long-term vision of a capital market where owning digital versions of traditional assets becomes a normal part of everyday financial life for Filipinos.
This article is published on BitPinas: Project Bayani: PH Tokenized Asset Market Could Reach $60B by 2030 — PDAX, Saison Capital, Onigiri Capital
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