According to TechFlow, on December 19, Bloomberg reported that the Philippine Ministry of Finance announced a partnership with virtual asset company PDAX and fintech company GCash to launch a government securities project with a minimum investment of 500 pesos (about 9 US dollars). The project will manage bonds through the distributed ledger technology (DLT) registry independently developed by the Ministry of Finance, running in parallel with the existing National Paperless Securities Registry (NRoSS) system. According to the head of PDAX, the proportion of the population investing in bonds in the Philippines is currently less than 0.5%.