Camarines Sur Representative Migz Villafuerte, chairperson of the House Committee on Information and Communications Technology (ICT), has urged the Bangko Sentral ng Pilipinas (BSP) to create a strategic reserve for Bitcoin amid the cryptocurrency's growing global prominence and soaring value. Villafuerte emphasized the importance of diversifying the country’s monetary holdings to strengthen financial security.

"It is imperative for the 20th Congress to enact legislation that diversifies our assets and ensures financial stability by establishing a Bitcoin reserve," Villafuerte stated, introducing House Bill 421, known as the Strategic Bitcoin Reserve Act. "Stockpiling strategic assets like Bitcoin will serve crucial national interests, including enhancing economic resilience."

Under this proposed measure, the BSP would acquire 2,000 Bitcoins annually over a five-year period and hold the assets in trust for 20 years. Villafuerte highlighted Bitcoin’s remarkable rise in value, noting its recent peak at $108,319, and referenced U.S. Federal Reserve Chairman Jerome Powell’s characterization of Bitcoin as "digital gold."

The lawmaker pointed out that Bitcoin’s growth rate—approximately 40% compound annual growth over the past five years—has outpaced other asset classes, underscoring the timeliness of establishing a strategic reserve.

Villafuerte also cited international trends, mentioning the support for Bitcoin reserves by global leaders including U.S. lawmakers advocating similar measures, Switzerland’s ongoing consideration of Bitcoin alongside gold for its reserves, and Poland’s contemplation of a Bitcoin reserve strategy. He noted Hong Kong's calls for integrating Bitcoin into financial reserves by local legislators, as well as China’s significant Bitcoin holdings and Malaysia's recent cryptocurrency regulatory initiatives.

The proposal aims to position the Philippines at the forefront of cryptocurrency adoption, leveraging Bitcoin's potential to contribute to national financial stability and asset diversification.