According to my colleague who interviewed the lawyer in Bangko Sentral ng Pilipinas (Central Bank), bitcoin proceeds should be categorized as 'other income' as stated in our laws and should reflect on our taxes. This should be limited to BTCs earned during mining or investing but this rule has been leniently enforced as I have never seen anyone paid taxes due to earning BTCs.

The only problem that I saw in the country revolves around a direct deposit of our earnings in BTC to the bank as they will question the origin of such. If you tell them that it came from your investments in BTCs, they would doubt the origin and potentially question the said amount.