The Philippines now has a blockchain-enabled mobile application for the distribution of government-issued bonds. The Philippine Bureau of the Treasury along with the UnionBank and Philippine Digital Asset Exchange has launched on July 19, a blockchain-enabled mobile application for distributing government-issued treasury bonds.

According to Cointelegraph, the CEO of UnionBank said Edwin R. Bautista said that it was Asia’s “first retail treasury bond issuance to leverage on blockchain technology.”

According to estimates, around 77% of the Philippines don’t have a bank account. This blockchain mobile app aims to provide a secure investment option for the unbanked population in the Philippines.

Speaking for the launch of the application, the National Treasures of the Philippines, Rosalia V. De Leon welcomed the initiative. “The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24,” she said.

Now, the citizens of the Philippines can invest in retail treasury bonds for as little as 5,000 Philippine pesos. They can make payments through InstaPay, GCash, or Paymaya. Also trough over the counter payments with their UnionBank accounts.

The season why the Bureau of Treasury decided to enable the app with distributed ledger technology is to reduce the costs and time during the manual verification and settlement processes.

In April 2020, the UnionBank CEO said that the cold hard cash era is coming to an end as the demand for banks to go digital has increased due to the coronavirus pandemic.

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