Philippines | 2022

Digital currency Adoption and trends in Philippines in 2022

6.13

%

of Filipinos own digital currency

How many digital currencies owners are there in the Philippines?

It is estimated that nearly 7 million Filipinos, 6.13% of the total population, own digital currency.

Digital currencies Market Sentiment in the Philippines

The digital currencies scene in the Philippines has been blooming by leaps and bounds, as reflected in Chainalysis’s Global Digital currencies Adoption Index 2022, where it now ranks second, only behind its ASEAN neighbour, Vietnam. As a country with the world’s largest remittance markets, the Philippines is home to Coins.ph, Rebit.ph and Bitmarket.ph, who have led the financial revolution and modernisation of the Philippines’s financial industry in recent years. The growing popularity of digital currencies has not gone unnoticed as the Banko Sentral ng Pilipinas (BSP) has announced it intends to launch a wholesale central bank digital currency (CBDC) project in the final quarter of 2022. This project is in consonance with the country’s goal to transition into digital payment.

Furthermore, the Philippines welcome their new president, Ferdinand Marcos Jr., widely known to be an advocate for digital and technological innovation. Marcos Jr. emphasised “the need to adopt emerging technologies that could eventually pave for digital currencies adoption to expand further soon”. Likewise, the government and central bank have already begun working with experts to monitor and adequately track financial institutions utilising blockchain or digital currencies technology, so as to facilitate a safer environment for their investors, stakeholders and citizens.

Philippines digital currencies ownership demographics

As of 2022, it is reported that Filipino men are 1.7x more likely to own digital currencies as opposed to women, with 63% of Filipino digital currencies owners estimated to be men. To no surprise, Bitcoin tops the list as the most commonly owned digital currency, with an estimated 37% of Filipino digital currencies owners owning Bitcoin. Lastly, almost half of Filipino digital currencies owners lie in the 18-34 years age bracket (46%) while 35% are aged 35-54 years old.

Digital currencies’s rising popularity in Philippines

    • The Philippines is Asia’s ‘Blockchain Hub’. Where does India Stand? – September 2022
      The Philippines has further established its prominence as a blockchain hub in Asia as it hopes to create the “Digital currencies Valley of Asia” in Cagayan Valley. It aims to mimic Aug in Switzerland, the birthplace of Ethereum, which is now home to almost 200 blockchain companies. With this Digital currencies Valley initiative, the government hopes to encourage the upcoming generation to pick up careers in tech-related industries so as to drive the country’s economic standing.
    • For Cash-reliant Filipinos, trust in FinTech is growing – February 2022 
      According to a UOB’s Fintech in ASEAN 2021 report, it has concluded that although the Philippines is still a cash-reliant country, there has been a steady and positive increase in the adoption of digital currencies and digital payment. Additionally, Filipinos have one of the highest levels of trust in digital currency as compared to their ASEAN counterparts (48%), with statistics showing that one in three Filipinos uses digital currency exchanges. The Philippines Fintech Report 2022 estimated that the value of digital currency transactions from 2019 to 2020 has increased almost fourfold to US$1.5billion, with volume reaching 7.2 million transactions.

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