Insider Spotlight
Project Bayani, launched by the Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital on Thursday, Nov. 27, 2025, argues that the country’s extensive use of digital wallets and crypto gives it a “tokenized-first” path to capital-market participation.
Why it matters
The Philippines is already among the world’s most digitally connected economies, but ownership of traditional investments remains low. The report notes that 14 percent of Filipinos own cryptocurrencies, compared with less than 5 percent who hold stocks, bonds, or mutual funds
“The Philippines has a unique advantage: blockchain wallets are already mainstream,” said Nichel Gaba, founder and CEO of PDAX. “We’re not starting from scratch. The infrastructure to deliver tokenized assets to millions of Filipinos already exists in their pockets. Our focus now is to connect that infrastructure to real, regulated financial products.”
By the numbers
The white paper estimates a $60-billion tokenized asset opportunity by 2030, led by public equities at $26 billion, government bonds at $24 billion, mutual funds at $6 billion, and other assets at $4 billion.
Tokenized bonds distributed via PDAX and GCash have already lowered the entry minimum to P500, enabling first-time investors from across the country to participate.
Real-world proof point
The Bureau of the Treasury’s partnership with PDAX and GCash is cited as a key case study for how tokenization can deepen the government bond market.
“This partnership brought government bonds directly to the fingertips of millions of Filipinos,” said Sharon Almanza, Treasurer of the Philippines. “It represents a bold leap forward in democratizing access to public financial instruments, further promoting financial inclusion.”
The big picture
Major wallets such as GCash, PDAX, Maya, and Coins.ph already embed blockchain-enabled wallets, allowing users to hold crypto and tokenized instruments without new distribution rails or legacy overhauls.
“What makes the Philippines extraordinary is not just its adoption of blockchain technology but how deeply it is integrated into daily life. With wallets as the primary financial interface for millions, tokenization is a natural next step in how Filipinos save, invest, and build wealth,” said Qin En Looi, managing partner of Onigiri Capital and Partner at Saison Capital.
What’s next
The report positions tokenization as the likely first investment product for many Filipinos, with potential to make digital, blockchain-based versions the most widely distributed format of traditional financial assets in the country. — Daxim L. Lucas | Ed: Corrie S. Narisma
