A landmark white paper released in November 2025 has provided the Philippine financial sector with its most comprehensive roadmap yet for blockchain-enabled capital markets. Project Bayani: The Philippines’ Asset Tokenization Opportunity projects that the country’s tokenized-asset market could reach approximately $60 billion by 2030, with public equities accounting for the largest share at $26 billion.
The Stark Reality of Investment Exclusion
The report, a collaboration among Philippine Digital Asset Exchange, Saison Capital, and Onigiri Capital, reveals a striking paradox in Philippine financial markets. Less than five percent of Filipinos own stocks, bonds, or mutual funds, compared to 14 percent who own cryptocurrencies. This disparity suggests that blockchain-native investment products have achieved greater market penetration than traditional securities—a phenomenon largely attributable to accessibility and user experience.
The white paper notes that major mobile wallets including GCash, PDAX, Maya, and Coins.ph have embedded blockchain-enabled wallets that already allow users to hold cryptocurrencies and tokenized investment products, enabling distribution without new infrastructure or legacy system overhauls.
Tokenized Bonds: The Proof of Concept
The most compelling evidence for tokenization’s potential comes from the Philippine government bond market. Tokenized bonds, facilitated through PDAX and GCash, have already demonstrated wide distribution and lowered the minimum entry barrier to just ₱500, making investment accessible to first-time investors nationwide. The Bureau of the Treasury’s August launch of GBonds—a version of retail treasury bonds distributed in partnership with PDAX and GCash—highlighted this trend, with National Treasurer Sharon Almanza stating the partnership “brought government bonds directly to the fingertips of millions of Filipinos”.
PDAX CEO Nichel Gaba revealed at Philippine Blockchain Week 2026 that around 700,000 new bondholders now hold Philippine treasuries in token form following the introduction of tokenized bonds. Nearly half of all bond account holders now hold bonds in tokenized form, according to PDAX.
Equities: The Next Frontier
Project Bayani estimates tokenized public equities will account for the largest segment of the market at $26 billion by 2030, followed by government bonds at $24 billion and mutual funds at $6 billion. The SEC is already studying the potential tokenization or unitization of shares, which could make high-priced stocks more accessible to a broader pool of investors.
The regulatory pathway for equity tokenization appears increasingly viable. PDAX and RCBC signed a Memorandum of Understanding in August 2026 to develop digital asset infrastructure exploring tokenization of different assets, expanding beyond standard cryptocurrency trading to offer access to tokenized government bonds and potentially other securities.
Blockchain Infrastructure Investments
The tokenization ecosystem is attracting significant corporate investment. IPS unit InfiniVAN announced in March 2026 the establishment of Centimo Ventures Inc., with capital of 100 million Philippine pesos, to develop electronic payment systems, digital financial platforms, and blockchain-based infrastructure. Additionally, Zetrix AI signed a preliminary agreement with the Philippine government to develop the country’s public blockchain infrastructure.
Market Context and Timing
The tokenization push coincides with challenging conditions in traditional equity markets. The PSEi declined to 5,679.48 points by late September 2026, pressured by S&P Global Ratings and Asian Development Bank trimming their 2026 growth forecasts for the Philippines to 2.9 percent from 4.1 percent. This underperformance provides additional urgency to efforts aimed at broadening market participation through technological innovation.
The convergence of mobile wallet penetration, regulatory clarity, and proven tokenized bond success creates a unique window of opportunity. If Project Bayani’s projections materialize, the Philippine stock market could transform from a narrow enclave serving fewer than five percent of the population into a genuinely inclusive platform capable of reaching millions of Filipinos through the devices already in their hands.
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