The Central Bank of the Philippines (BSP) said recently that it has completed a proof-of-concept trial of its Agila Project Wholesale Central Bank Digital Currency (wCBDC) with other Financial Institution Groups. Specifically, the latest trial tested whether banks in the Philippines can make payments to each other outside banking hours such as evenings, weekends, and holidays. "Wholesale CBDCs hold the promise of enhancing liquidity management, reducing settlement risk and supporting financial stability," said Eli M. Remolona, Jr., BSP president. "Insights from this project will guide BSP's CBDC roadmap. Our goal is to leverage new technologies to further enhance the efficiency and resilience of the nation's payment system."