BPI Plans Stablecoin Payments Pilot for Filipino Freelancers
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The Bank of the Philippine Islands (BPI) is preparing to pilot a stablecoin-based payment system designed to expedite and reduce the cost of cross-border remittances to Filipino freelancers, virtual assistants, and other workers receiving income from abroad. The pilot project is being developed in collaboration with Meridian, a global digital clearinghouse. Under this system, stablecoins will serve as the settlement instrument before funds are converted into Philippine pesos and credited to the recipients' BPI accounts.
BPI's president and CEO, Jose Teodoro Limcaoco, described the initiative as a natural extension of the bank’s ongoing digitalization efforts. The goal is to enable faster and cheaper incoming payments without compromising the security measures typically upheld in conventional banking transactions. Initially, the pilot will focus on payroll payments and other overseas earnings, with plans for a wider rollout expected before the 49th ASEAN Summit scheduled for November.
Why it matters
The bank has indicated it will work closely with the Bangko Sentral ng Pilipinas, the country’s central bank, to ensure regulatory compliance. Any broad deployment of the stablecoin payment system will depend on establishing consumer protection measures, transparency regarding stablecoin reserves, and other regulatory safeguards. This step aligns with broader indications from Philippine regulators signaling openness to new digital finance innovations.