Yes it is legal .On 6 March 2014, Bangko Sentral ng Pilipinas (BSP) issued a announcement on risks associated with bitcoin trading and usage. Recently digital currencies have been legalized and cryptocurrency exchanges are now regulated by means of Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944; on the other hand bitcoin and other “virtual currencies” are not recognized by the BSP as currency as “it is neither issued or guaranteed by a central bank nor backed by any commodity.”