The Philippine government is about to launch the next phase of the government bond tokenization process, planning to issue consumer-targeted long-term tokenized government bonds (GBonds) in December. Last year, the government tokenized bonds, focusing on institutional investors. Subsequently, the government issued 90-day treasury bonds to retail investors.
Its main issuance mechanism will be through GCash and PDAX. GCash is a wallet application with 94 million users, recently valued at $5 billion; Ant Group, the owner of Alipay, holds about one-third of GCash's parent company Mynt, while Mitsubishi UFJ Financial Group holds 8%.
PDAX is a cryptocurrency exchange with approximately 4 million users, which has begun issuing government bonds with a minimum investment of 500 pesos ($8.52).