The Bangko Sentral ng Pilipinas (BSP) and several financial institutions have finished testing Project Agila, a system that allows banks to send money to each other any time of the day or week, including weekends and holidays.
Project Agila is part of the BSP’s plan to explore Central Bank Digital Currency (CBDC), a type of digital money issued by the central bank. The recent tests looked at how the system performs in terms of security, speed, and reliability.
“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP Governor Eli M. Remolona Jr.
He added that the results of Project Agila will help the BSP decide how to move forward with digital currency.
CBDCs are digital versions of money issued by the central bank. They are meant for large-scale use, such as bank-to-bank payments, trading securities, and cross-border transactions.
Project Agila’s goal is to see if this digital currency technology can improve how banks process large payments while making the system safer and more efficient. The system uses a secure digital technology supported by Oracle Cloud Infrastructure.