PANews reported on December 8 that according to ledgerinsights, the Central Bank of the Philippines (BSP) said it had completed a proof-of-concept trial of its Project Agila wholesale central bank digital currency (wCBDC) with participating financial institutions. Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of banking hours such as evenings, weekends, and holidays. Eli M. Remolona, ​​Jr., Governor of the Central Bank of the Philippines, said: "Wholesale CBDC is expected to strengthen liquidity management, reduce settlement risks, and support financial stability."