Philippine banks are collaborating to launch PHPX, a peso-backed stablecoin, to enhance cross-border payments and financial inclusion. Set to debut between May and July, PHPX is developed by Just Finance and will operate on the Hedera network. Key players include UnionBank, Rizal Commercial Banking, Cantilan Bank, and Rural Bank of Guinobatan. The stablecoin aims to streamline remittances, crucial for the Philippine economy, by offering real-time payments. Plans include a multicurrency exchange for seamless swaps with other stablecoins, ensuring global compliance and expanding use cases.