The Philippines’ tokenized asset market is a potential multi-billion-dollar industry, according to experts. 

The market, driven largely by an expected surge in demand for tokenized public equities and government debt, could expand to as much as US$60 billion by 2030, according to Project Bayani: The Philippines’ Asset Tokenization Opportunity, published by the Philippine Digital Asset Exchange ( PDAX ), Saison Capital, and Onigiri Capital.

The report projects that tokenized public equities could reach US$26 billion in value, while tokenized government bonds could grow up to US$24 billion. Meanwhile, tokenized mutual funds are forecast to grow to US$6 billion alongside roughly US$4 billion in other tokenized assets.

“Tokenization is not merely the next chapter in finance. It is a chance for the Philippines to write its own story, built on access, innovation, and inclusion,” the report says. 

In a joint statement, the authors of the report say that tokenized products could surpass traditional channels in terms of reach and participation, noting that nearly half of the country's bond account holders already hold securities in tokenized form.

Additionally, the research underscores an unusual dynamic: while only under 5% of Filipinos own traditional investments such as stocks or mutual funds, 14% already hold cryptocurrencies – reflecting strong retail adoption and the ubiquity of mobile wallets equipped with blockchain functionality.

The adoption of tokenized securities by Filipino investors is largely due to the Bureau of Treasury’s partnership with PDAX and fintech superapp GCash to offer tokenized government bonds – or a portion of a government bond stored on the blockchain—for as low as 500 pesos ( US$8.47 ). 

Bold leap

“This partnership brought government bonds directly to the fingertips of millions of Filipinos. It represents a bold leap forward in democratizing access to public financial instruments, further promoting financial inclusion,” says national treasurer Sharon Almanza. 

The bureau has also partnered with Bonds.ph and UnionBank to sell government bonds for as low as 5,000 pesos on its platforms.

During the launch of the Project Bayani report, PDAX chief executive Nichel Gaba says the Philippines has a unique advantage: blockchain wallets are “already mainstream” in the country.

“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,” he adds.