it is true that in the Philippines there are already some bitcoin exchanges in the Philippines such as Bitcoin Pinoy, Coins.ph, BuyBitcoin.ph, and mBTC.ph. The website, however, acts as a broker and not an open exchange. With cash as the primary payment medium in the country, users usually buy Bitcoin by depositing money in Bank of the Philippine Islands (BPI) or BDO Unibank (BDO) branches.