The Philippines has always been an early and enthusiastic adopter of technology. From topping global social media usage charts to becoming a global hotspot for mobile finance and ride-hailing platforms, Filipinos have consistently demonstrated openness and agility when it comes to embracing the digital future.

Now, as the world enters the next major wave of digital transformation — driven by blockchain technology — the Philippines finds itself once again on the cusp of opportunity.

We have the talent. We have the digital savviness. We even have some of the building blocks already in place. But unless we act boldly and collectively, that opportunity may pass us by. The time is now for the Philippines to claim its rightful place as the Blockchain Capital of Asia.

When Axie Infinity exploded into the mainstream during the pandemic, the Philippines made global headlines for being home to the most active player base in the world. For many Filipinos, this was their first foray into crypto and blockchain technology — not through investing, but through participation in a new type of economy powered by Web3. That experience planted a seed in the collective national consciousness that blockchain can unlock real economic value.

From there, other important milestones followed. The Authority of the Freeport Area of Bataan passed the first blockchain-focused legislation in the country, providing a sandbox for innovation. The Bangko Sentral ng Pilipinas, as well as the Securities and Exchange Commission, developed regulatory frameworks around Virtual Asset Service Providers and Crypto Asset Service Providers — an essential step to giving businesses clarity and consumers protection.

More recently, the Blockchain Council of the Philippines has taken on the role of convening public and private stakeholders to align efforts, create thought leadership, and provide education and strategic guidance on blockchain development. In fact, the upcoming Philippine Blockchain Week — happening on June 10-11 at the SMX Convention Center — will be the region’s most significant blockchain event this year. With global experts, developers, regulators, entrepreneurs, and investors in attendance, PBW will serve as the catalyst for launching the Philippines into global blockchain relevance.

While these developments are promising, we must be honest: they are not enough. The real race is just beginning, and other countries in Asia are not standing still. Hong Kong, Singapore, and the UAE have already invested in blockchain-based government services, tokenized asset markets, and central bank digital currencies. Japan and South Korea are pouring millions into metaverse and Web3 infrastructure. India has become a hotbed of blockchain developer talent.

To compete at this level, the Philippines needs to do more than play catch-up. We need to lead. And that starts with building a robust blockchain ecosystem, one that is collaborative, inclusive, and designed for long-term value — not short-term hype.

For global investors looking to tap into the future of Web3 and decentralized economies, the Philippines offers one of the most compelling stories in Asia. With a young, English-speaking, tech-savvy population, we have a natural advantage in onboarding the next billion users into the blockchain economy. The country has already become a global hub for IT, creative industries, and digital services. With targeted upskilling in blockchain, smart contract development, and decentralized app creation, this workforce could pivot quickly to meet new global demands. Blockchain can solve real problems in remittance speed and cost — a $36 billion industry for the Philippines — and enable financial services for the unbanked and underbanked. We are one of the most active countries on social media and mobile gaming, two sectors that are leading the adoption of NFTs, tokens, and decentralized platforms.

The foundation is here. What we need now is capital investment and strategic partnerships that match our potential. To all venture capitalists, crypto funds, and tech investors reading this: the Philippines is your launchpad for Southeast Asia.

To realize this vision, we also need to move from theory to practice. To the country’s top conglomerates and family owned businesses: now is the time to start exploring blockchain. Whether it’s tokenizing your assets, piloting smart contracts, experimenting with blockchain-based supply chain transparency, or using NFTs for loyalty rewards — real use cases already exist and are creating value elsewhere.

To financial institutions and banks: start building wallets, digital asset platforms, and custody services. Centralized finance and decentralized finance can coexist — and the opportunity to bridge both worlds is wide open.

To universities and training institutions: it’s time to integrate blockchain into your curriculums. The future of work in tech will be decentralized. Let’s prepare our youth to become not just users of the technology, but builders, innovators, and creators of it.

To government agencies: be brave. Let’s explore blockchain-based voting systems, land registration, and digital IDs. Other countries — like Estonia, South Korea, and Switzerland — are doing it already. There’s no reason we can’t leapfrog legacy systems here in the Philippines.

To startups and developers: keep building. The Blockchain Council is working on ecosystems that can support you through funding, incubation, and global mentorship. Let’s shape the future from here.

All of this begins with a commitment to learn and work together. And there’s no better place to start than Philippine Blockchain Week. This is more than just an event. It’s a platform for discovery, discussion, and deployment. You’ll hear from global leaders in Web3, learn from other countries’ best practices, and, most importantly, build relationships with people equally committed to positioning the Philippines as a regional leader in blockchain innovation.

We have the people. We have the tools. We have the use cases. What we need is coordinated effort and belief. The Philippines can be the Blockchain Capital of Asia — but only if we choose to be. Let’s not miss this opportunity.

For registration and event details, please visit www.pbw.ph.

Dr. Donald Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.