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.
Were they able to pass that bill? If the Philippines passes this bill, it is really going to be a big opportunity for them.
I would hope that if the Central Bank of the Philippines were to store gold in their reserves not just for 20 years but for centuries, as countries have been doing, and the more gold reserves a country has, the stronger it is economically or militarily.
So instead of 20 years, the Philippine government should take a long-term strategy where they will regularly adopt Bitcoin.