The Philippines launches a decentralized ledger technology or DLT-Based retail treasury bonds distribution platform. It will allow unbanked Filipinos to invest in the retail treasury bond.
27 July, 2020 | AtoZ Markets – The Philippines is a rapidly developing economy with a population of over 100 million. The Philippines blockchain industry also continues to grow. Many of them are also teaming up with other offshore companies to provide solutions for cryptocurrency, Blockchain technology, and ultimately convenient financial technology.
Blockchain-Based Retail Treasury Bond Bond Distribution Platform
Philippine Bureau of the Treasury (BTr), PDAX Exchange and Union Bank have jointly launched a DLT-based bond distribution platform called Bonds.PH. Moreover, the platform records transactions not only on centralized legacy systems but also on DLT infrastructure. By using DLT, it is possible to maintain immutable and tamper-proof record-keeping. Philippine National Treasurer Rosalia V. De Leon also said:
“The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and aﬀordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds. The mobile app also presents a compelling opportunity for all to invest. It helps the Republic raise funds for economic recovery and COVID-19 response.”
According to estimates, almost 77% of adults in the Philippines do not yet have a bank account. The new Philippines DLT-based bond distribution platform does not force users to open a bank account. With this app, users can easily buy retail treasury bonds for a minimum of 5,000 Philippine pesos ($100). They can deposit money through UnionBank and many other internet payment services apps including InstaPay, GCash, Paymaya. Unionbank President and CEO Edwin R. Bautista also said:
“This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world. The Philippines is also ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
The bond platform is also getting support from various market regulators, including Philippine Securities and Exchange Commission (SEC).
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