Blockchain integration seen to rise

BLOCKCHAIN integration in the Philippines is expected to increase amid rising support across industries and government institutions, industry leaders said.

“Nobody was really owning the [blockchain] space last year. But this year, we’re going to see a lot of that,” Janelle Barretto, co-convenor of the Philippine Blockchain Week (PBW), said at the PBW 2023 press conference on Tuesday.

“Blockchain is touching on spaces we care about. This is not only for the tech-savvy,” Ms. Barretto said. “We just need to be open and curious.”

Global companies see the Philippines is seen as a greenfield for extending their blockchain expertise, said Donald Lim, PBW convenor and founding president of the Blockchain Council of the Philippines (BCP).

The government has also extended support for the adoption of blockchain technology through the Department of Information and Communications Technology and the Department of Trade and Industry.

However, the Securities and Exchange Commission (SEC) has yet to issue its framework for digital assets in the country, which stakeholders have been waiting for.

“The BCP is working hand-in-hand with regulators,” said Imelda C. Tiongson, trustee of the BCP and Fintech Alliance.Ph. “But any business can currently get funding and have shares with companies via digital asset offering.”

As blockchain integration increases in the country, more use cases for the technology are expected across all industries.

“The creative industry is a sector targeted by the government to be empowered by blockchain,” Jo-Dann N. Darong, DTI director, said.

The Philippine Blockchain Week 2023 will be held on Sept. 18 to 22 at the Manila Marriott Hotel. — Miguel Hanz L. Antivola