The Philippines’ tokenized-asset market could reach $60 billion by 2030, according to the Philippine Digital Asset Exchange (PDAX). In a joint report released Thursday with Japan’s Saison Capital and Onigiri Capital, PDAX said the projection reflects accelerating tokenization of government bonds, mutual funds, equities, and other investment instruments.

The study, “Project Bayani: The Philippines’ Asset Tokenization Opportunity,” argues that the country—already one of the world’s most digitally connected markets—is well-positioned to “leapfrog” traditional finance by using widely adopted mobile wallet infrastructure to distribute tokenized investment products securely and at scale.

Tokenization is the process of converting ownership rights to an asset—such as real estate, commodities, art, or traditional securities—into a digital token stored on a blockchain. These tokens can represent fractional or full ownership and can be transferred or traded like cryptocurrency. The report notes that this system boosts liquidity, lowers transaction barriers, and enables broader financial inclusion.

The study found that over 14 percent of Filipinos own cryptocurrency, far higher than the 2.4 percent who own stocks and the less than 1 percent who hold bonds. According to the report, this gap highlights how traditional financial products often require higher minimum investments and more complex onboarding, making them less accessible to the average Filipino.

“The Philippines has a unique advantage: blockchain wallets are already mainstream,” said PDAX Founder and CEO Nichel Gaba. “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.”

Mobile wallets such as GCash and PDAX already offer tokenized financial instruments, allowing qualified users to invest with as little as P500. Nearly half of all bond accounts in recent issuances now hold tokenized bonds, the report noted—evidence that digital versions of traditional investment products may soon dominate distribution.

Government agencies are also supporting the expansion of tokenized markets. The Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) have issued regulations governing digital assets, while the Bureau of the Treasury (BTr) has collaborated with PDAX and GCash to issue tokenized government securities.

“This partnership brought government bonds directly to the fingertips of millions of Filipinos,” said National Treasurer Sharon P. Almanza. “It represents a bold leap forward in democratizing access to public financial instruments, further promoting financial inclusion.”

The report concludes that tokenization could position the Philippines as a regional leader in fintech innovation. By digitizing real-world assets through blockchain—which functions as a tamper-proof public ledger—financial products become cheaper, faster, and easier to access, especially in smaller denominations.