The Bank of the Philippine Islands (BPI) has launched a pilot program leveraging stablecoin settlement rails to modernize cross-border remittance services entering the Philippines.
In partnership with global digital clearinghouse Meridian, the Ayala-led financial institution aims to accelerate processing speeds and reduce transaction costs for inbound money transfers.
The initial phase will focus on payroll payouts for informal economy workers, such as freelancers and virtual assistants, with plans to roll out the service to BPI’s broader customer base prior to the ASEAN 49 summit in November.
Digital tokens tied to fiat currencies like the US dollar—known as stablecoins—are gaining traction in global finance as a tool to streamline international transfers and lower operational fees.
“Filipinos move billions of pesos every year, and it is our responsibility to make sure that their money arrives faster, cheaper, and just as securely as it does today. Exploring stablecoin rails is a natural extension of BPI’s digitalization strategy and customer focus,” said TG Limcaoco, BPI President and CEO.
BPI noted that the trial is being conducted in close coordination with the Bangko Sentral ng Pilipinas to maintain strict adherence to regulatory oversight, consumer safeguards, and reserve transparency.