Philippines pioneers blockchain-based app to distribute government-issued bonds
The Philippines recently launched Bonds.PH, a blockchain-based app for distributing government-issued bonds.
Tue, 28 Jul 2020, 14:53 pm UTC
The Philippines is using technology to make investing in government-issued bonds a lot easier for everyone. The Philippine Bureau of the Treasury (BTr) just launched a blockchain-based app for the distribution of bonds.
In a partnership with the Philippine Digital Asset Exchange (PDAX) and Union Bank of the Philippines (UnionBank), the BTr launched the Bonds.PH app which makes it easier for Filipinos to invest in government bonds, according to Inquirer.net. “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,” National Treasurer Rosalia V. De Leon said.
The launch of the Bonds.PH app is also well-timed for Filipinos who want to invest in the country and help in its post-coronavirus recovery. “The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response,” De Leon added.
One of the advantages of the Bonds.PH app is that it’s available 24/7. Opening an investment account is also very affordable as Filipinos can already start investing for as low as PHP5,000.00.
Using the app is also very easy and is compatible with both IOs and Android devices. Investors are also given a choice from a variety of payment options such as GCash, Paymaya, InstaPay, and over-the-counter payments at UnionBank.
The app is also hailed as the first of its kind in Asia. “This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world,” UnionBank President and CEO Edwin R. Bautista said. “The Philippines is 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 app is also ultra-secure thanks to blockchain technology’s tamper-proof record-keeping capability. “DLT or blockchain technology is governance-by-design with its cryptography and programmable smart contracts,” said Nichel Gaba, Founder & CEO of PDAX. “This advantage allows the blockchain not only to preserve truth, but also to automate payments, enforce rules, and facilitate complex transactions via smart contracts at little to no cost.”
Bonds.PH was launched on July 19, 2020. The app’s launching was attended virtually by BSP Governor Benjamin Diokno and National Economic and Development Authority Secretary Karl Kendrick Chua, while Treasurer De Leon, Finance Secretary Carlos Dominguez III, and UnionBank Vice-Chairman Justo Ortiz attended the event onsite.
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