- DOST-ASTI hosts a forum introducing students to blockchain, NFTs, and their potential in various sectors.
- Participants explored the role of blockchain in industries such as healthcare, gaming, and government.
- The Philippines is also testing a national stablecoin, pegged to the peso, aimed at improving remittances.
A Philippine government agency is helping young people dive into the world of blockchain technology, cryptocurrencies, and non-fungible tokens (NFTs) through hands-on learning. The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) organized a forum on September 20, aiming to engage students in emerging technologies that are rapidly transforming public and private sectors.
The forum showcased how blockchain technology could be used across different fields, from digital voting systems to secure data storage. Senior researcher Roxanne S. Aviñante emphasized the growing demand for blockchain-related jobs. Marc Jerome T. Tulali, another specialist, demonstrated practical applications of blockchain, including the creation and management of NFTs, and mentioned a new national system under development in the Philippines. This system, called SIERRA, will manage intellectual property using blockchain technology.
Expanding Use of Blockchain Technology
During the event, students were introduced to how blockchain is being applied in areas like decentralized finance (DeFi), healthcare, gaming, and even central bank digital currencies (CBDCs). Tulali explained that blockchain’s ability to ensure the security and immutability of information is opening up new possibilities across industries.
This push for blockchain education is part of the Philippines’ broader efforts to adapt to the rapid rise of digital assets. The government has begun exploring blockchain’s role in financial services, with a focus on developing technologies that may benefit the country’s large remittance market.
In May 2024, the Bangko Sentral ng Pilipinas (BSP) launched a pilot program to test a peso-pegged stablecoin, PHPC, which is being managed by Coins.ph. This initiative is expected to improve the efficiency of digital asset trading and streamline remittance processes, with the Philippines being a global leader in remittance inflows.
Coins.ph CEO Wei Zhou has shared that the primary goal of PHPC is to boost digital asset trading while enhancing the local currency ecosystem. The stablecoin’s performance is currently being evaluated in a controlled sandbox environment.
