http://www.newsbtc.com/2017/02/08/philippines-bangko-sentral-recognizes-bitcoin-payment-system/According to this article the Philippines Bangko Sentral Recognizes Bitcoin as Payment System. The article also added that Bangko Sentral states sees the virtual currencys potential to revolutionize the delivery of financial services. Additionally, they also mention how bitcoin provides financial inclusion, which is something traditional financial solutions have been unable to provide. This statements coming from the Central Banks of the Philippines will give a potential impact on the rise of bitcoins value on the market. And not only that, the Philippine Central Bank is not the only bank that sees the merits of bitcoin but also the the Central Bank of Nigeria.
yeah i heard that BSP didnt recognize it as a payment system simply because its too volatile. they dont want that the payment that happen sink its value because of the volatility of bitcoin. but they still regulate it so that they can monitor illegal transactions like money laundering. they give licensed to 2 exchanges here in the philippines just to monitor bitcoin here in the philippines. the BSP chairman even told to the media that its to soon to adapt the cryptocurrency or bitcoin as a whole in the country.