The Philippines has created a blockchain application for the distribution of government bonds
On July 19, the Philippine Treasury Office, along with UnionBank and the Philippine Digital Asset Exchange launched a blockchain-based mobile application to distribute government-issued treasury bonds.
UnionBank chairman and CEO Edwin R. Bautista said it was "Asia's first retail government bond issue to use blockchain technology," said the local Inquirer.Net news service.
According to estimates, almost 77% of adults in the Philippines still do not have a bank account. The mobile app called Bonds.PH is primarily aimed at providing easy investment options for those without a bank account in the country.
Commenting on the importance of the app, Philippines National Treasurer Rosalia V. De Leon said: "The launch of Bond.PH paves the way for all Filipinos, especially those without a bank account, to invest easily and cheaply in the latest BTr retail treasury bond, RTB-24."
This application will allow citizens of the country to easily invest in retail government bonds for as little as 5,000 Philippine pesos (~ $ 100). App users will be able to make instant payments using online payment services such as InstaPay, GCash, and Paymaya.
The State Treasury Office decided to make the application available in DLT technology in order to reduce the time and costs during manual verification and settlements. By using DLT technology, the Office also wanted to ensure a workable, safe and economically viable bond distribution process.