Philippines crypto market seen growing further

MANILA, Philippines — The Philippines has become a hotspot for cryptocurrency investments as Filipinos have so far invested an estimated P6 trillion in the crypto market, according to Finance Secretary Ralph Recto. 

In an interview with Bloomberg TV, Recto said that Filipinos have collectively invested around P6 trillion in cryptocurrency, reflecting the country’s youthful enthusiasm for emerging technologies.

“In the Philippines, a lot of Filipinos have already invested in crypto. Something like P6 trillion worth of investments in crypto is being done,” the finance chief said, noting that “the Philippines has a young population, and they’re interested in crypto.” 

Recto said he expects more investments in cryptocurrency moving forward, especially with the country’s growing digital infrastructure and financial inclusion efforts. 

But despite the rapid growth, the government is mindful of the challenges posed by the volatile cryptocurrency market.

“Most of these cryptos are regulated in the United States right now. So we’re ensuring that we follow those regulations,” Recto said. “But this is something we have to look into yet.”

Meanwhile, in a separate interview with Reuters, Recto said the Philippine government values its partnership with the private sector as these collaborations can drive financial inclusion and empower underserved communities.

A crucial partnership is with e-wallet giant GCash.

“More Filipinos now have access to savings, investments and credit through GCash than through traditional banks,” Recto said.

He added that the platform also improved the efficiency of government programs, reducing costs and curbing corruption.

The partnership proved particularly impactful during the pandemic when GCash facilitated the disbursement of social amelioration funds. What would have taken years under traditional systems was completed in days, ensuring that millions of families received timely financial support.

GCash president and CEO Martha Sazon said digital platforms in the Philippines bridged gaps in a traditionally underserved market, proving that technology is a powerful equalizer. 

Beyond emergency relief, GCash’s innovative offerings such as G-Loans and G-Stocks have empowered grassroots entrepreneurs and widened access to sophisticated financial instruments.

With over 90 million users and a valuation of $5 billion, Recto said GCash is the Philippines’ largest unicorn and a testament to the power of public-private collaboration.

“That’s the root of financial inclusion. If you really want financial freedom, you need to put money on the table. So we’re working with the government on that to make more opportunities available to more Filipinos and using our platform to create that availability and access,” Sazon said.