The Philippine Digital Asset Exchange (PDAX), Saison Capital, and Onigiri Capital have on last Thursday launched Project Bayani: The Philippines’ Asset Tokenization Opportunity, a landmark white paper estimating the country’s tokenized-asset market that could reach $60 billion by 2030 across government bonds, mutual funds, equities, and other investment assets.
The report highlights how the Philippines, already among the world’s most digitally connected economies, is positioned to leapfrog traditional finance by leveraging familiar mobile wallet infrastructure, such as GCash and PDAX, to securely and inclusively distribute tokenized investment products.
It is noted that the Philippines is unique in its rapid adoption of tokenization and cryptocurrencies, while lagging in the adoption of traditional investment products.
According to the research, 14 percent of Filipinos already own cryptocurrencies, compared to less than 5 percent who own stocks, bonds, or mutual funds.
Additionally, major mobile wallets like GCash, PDAX, Maya, and Coins.ph have embedded blockchain-enabled wallets that already allow users to hold cryptocurrencies and tokenized investment products, allowing for easy distribution without new distribution rails or legacy overhauls.
With this, the report believes that the first investment product most Filipinos will own will be in tokenized form.
“The Philippines has a unique advantage: blockchain wallets are already mainstream. We’re not starting from scratch. The infrastructure to deliver tokenized assets to millions of Filipinos already exists in their pockets,
“Our focus now is to connect that infrastructure to real, regulated financial products,” said Nichel Gaba, Founder and Chief Executive Officer of PDAX.
The Bureau of the Treasury has demonstrated this potential through its pioneering partnership with PDAX and GCash to widely distribute tokenized government bonds.
This initiative is making strong progress and is well-positioned to boost participation among retail individual investors nationwide.
“This partnership brought government bonds directly to the fingertips of millions of Filipinos,
“It represents a bold leap forward in democratizing access to public financial instruments, further promoting financial inclusion,” said Sharon P. Almanza, Treasurer of the Philippines.
According to the report, the $60 billion tokenization opportunity by 2030, will be led by public equities (US$26 B), government bonds ($24 billion), mutual funds ($6 billion), and other assets ($4 billion).
Over 14 percent of Filipinos already own cryptocurrencies, outpacing participation in stocks (2.4 percent) or bonds (less than 1 percent).
Tokenized bonds via PDAX and GCash enabled wide distribution and lowered the entry minimum to ₱500 ($8.50), enabling first-time investors nationwide.
Tokenization investment products can become the most widely distributed version of traditional investment products, building on the experience with tokenized bonds, where nearly half of all bond account holders hold bonds in tokenized form.
The research highlights several key findings that underscore the Philippines’ readiness for a “tokenized-first” capital market, from widespread digital wallet adoption to growing familiarity with cryptocurrencies and tokenized financial products.
Building on these insights, Qin En Looi, Managing Partner of Onigiri Capital and Partner at Saison Capital, emphasized the broader potential of this digital ecosystem:
“What makes the Philippines extraordinary is not just its adoption of blockchain technology but how deeply it is integrated into daily life,
“With wallets as the primary financial interface for millions, tokenization is a natural next step in how Filipinos save, invest, and build wealth,” Looi noted.
Project Bayani further underscores the country’s growing leadership in global fintech innovation.
By integrating tokenization into its capital markets, the country is showing how emerging economies can modernize financial systems and expand participation in investment products through digital transformation.
This unlocks financial inclusion and market penetration that few mature systems can match.
The report also showed tokenization is taking real-world assets and creating secure digital versions of it using blockchain technology.
Blockchain functions as a tamper-proof digital ledger, making every transaction transparent and easy to verify.
By putting assets on the blockchain, they can be bought and sold more quickly, at lower cost, and in smaller amounts, making them accessible to more people.
Tokenization also makes investing easier, simpler, and accessible for everyone, the report said.