The bill by Representative Miguel Luis R. Villafuerte wants the government to buy 10,000 to 2,000 BTC yearly for five years. The Bitcoins will be held for twenty years in a decentralized wallet controlled by the Central Bank and may be sold for profit-making. This is a welcome development as the news will increase Bitcoin awareness and adoption not just in the Philippines but in neighboring countries. I hope they will keep the coin longer than twenty years, considering that gold reserves have been part of the country's financial history.
Let them buy first then we can afterwards question if they can be so resolved enough to wait for 20 years form the period they bought if the plan wouldn't be affected political changes because acquiring 10,000 bitcoin is a huge funds to be covered for a country like the Philippines considering it's size and as a lower-middle income country. Though It's a welcome development diversifying away from gold to bitcoin, not just for the phillippines but to the Asian continent because it's starting to look like they're more serious in the bitcoin reserve race for the future.