1 month ago
22
The Philippines' burgeoning cryptocurrency market, already valued at a staggering P6 trillion, is poised for further growth as young Filipinos increasingly embrace digital assets, President Marcos’ chief economic manager said.
On the sidelines of the World Economic Forum in Davos, Finance Secretary Ralph G. Recto noted that the number of Filipino crypto enthusiasts could further increase given the potential pro-crypto policies in the United States.
On Monday, Bitcoin surpassed $109,000, and the crypto industry hopes President Donald Trump will act quickly for them upon his return to the White House.
Recto noted that in the Philippines, the demographic driving the trend.
“In the Philippines, many Filipinos have already invested in crypto,” he explained in a Bloomberg TV interview. “That’s because we have a young population; the average age is about 25 years old, and they're interested in crypto.”
He expects that this P6 trillion figure—nearly equivalent to the nation's 2025 budget—will continue to expand, fueled by increasing digital connectivity.
Another key driver is accessibility, particularly through platforms like GCash, a popular finance super app that has captured a substantial portion of the country’s 90 million e-wallet users.
While the Philippines is still developing a comprehensive regulatory framework for cryptocurrencies, Recto noted that many digital assets being invested in by Filipinos are already subject to regulations in the United States, offering a degree of investor protection.
The Securities and Exchange Commission (SEC) is currently working on new rules for cryptocurrency asset service providers, aiming to further safeguard investors and ensure the stability of this rapidly evolving market.
