The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) in the Philippines has launched an initiative to engage young people with cutting-edge technologies like blockchain, cryptocurrencies, and non-fungible tokens (NFTs). On September 20, the agency hosted a tech forum aimed at introducing youth to the real-world applications of these technologies, highlighting their potential to shape future industries.
Hands-on Learning for the Next Generation
The forum, designed to spark curiosity and innovation among young Filipinos, focused on how blockchain is transforming various sectors and creating new job opportunities. The DOST-ASTI believes that next-generation technologies like AI, blockchain, and cybersecurity are driving innovation in both the public and private sectors.
Roxanne S. Aviñante, a senior science research specialist at DOST-ASTI, emphasized the high demand for blockchain skills in the job market, noting the technology’s growing role in industries such as finance, gaming, and public governance.
Participants were introduced to the fundamentals of blockchain technology and were exposed to the practical applications of blockchain, including NFTs and decentralized systems. Another DOST-ASTI expert, Marc Jerome T. Tulali, explained how blockchain could be used for secure voting systems and immutable information storage, offering a glimpse into its transformative potential.
Blockchain Use Cases in the Philippines
The forum also spotlighted the Philippines’ ongoing efforts to develop blockchain solutions tailored to local needs. For example, the Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes (SIERRA) system, currently under development, aims to use blockchain for managing intellectual property rights, offering a secure, transparent, and decentralized system for protecting intellectual assets.
Young attendees also learned how blockchain technology is already being implemented across various sectors:
- Gaming and entertainment
- Healthcare
- Government and public services
- Central Bank Digital Currencies (CBDCs)
- Decentralized finance (DeFi)
- Identity management and physical infrastructure
The session not only prepared students for the inevitable disruption of blockchain-driven technologies but also introduced them to emerging financial technologies like stablecoins.
The Philippines’ National Stablecoin Initiative
In tandem with the youth education initiative, the Philippines has also been exploring the adoption of stablecoins at the national level. In May 2024, the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, began controlled trials of a national stablecoin, the PHPC, which is pegged 1:1 to the local peso. The trials are part of a larger initiative to test the real-world viability of stablecoins in the Philippine financial system.
The stablecoin’s design is intended to improve digital asset trading and enhance remittances, a critical sector for the Philippines, which ranks as the world’s fourth-largest recipient of remittances. Wei Zhou, CEO of Coins.ph, which is partnering with the BSP to pilot the stablecoin, explained that the goal of the PHPC project is to improve the efficiency and accessibility of financial transactions in the country, with a focus on remittance corridors that are crucial for the local economy.
Empowering the Next Generation of Innovators
By introducing blockchain education to the Philippine youth, the DOST-ASTI is not only preparing the next generation for the future of work but also positioning the country to be a leader in blockchain adoption. The Philippines’ blockchain education initiatives and its stablecoin trials highlight the government’s commitment to leveraging emerging technologies for economic growth, financial inclusion, and digital innovation.
With initiatives like these, the Philippines is laying the groundwork for a future where blockchain and cryptocurrency technologies are integral to the nation’s digital transformation.
