- Senator Aquino proposes blockchain budget system for greater public transparency.
- Philippines explores blockchain in governance following global government adoption trends.
- Blockchain-based budgeting could make every peso accountable to citizens.
Philippine Senator Bam Aquino is preparing to introduce legislation that would bring the country’s national budget onto a blockchain platform. The senator disclosed his plans at the Manila Tech Summit, where he discussed the need to increase government spending transparency.
Aquino declared that he will submit the bill in a matter of weeks and noted that all the pesos must be made transparent to the people. He admitted that this type of system was not going to be normal, but it could help transform confidence in government finances.
Blockchain in Government Transactions
Speaking at the summit, Aquino stressed that blockchain could allow citizens to track government transactions in real time. In another post on Facebook, he mentioned that blockchain-based budgetary management can be useful in ensuring that tax money is spent with maximum transparency.
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He added that the Philippines was likely to be the first country to have such a model of its total budget. Nonetheless, he acknowledged that the proposal’s success would be determined by the amount of political goodwill it received after being submitted.
Such a move is preceded by a recent project of the Department of Budget and Management, which introduced a document verification system based on blockchain on Polygon. According to the agency, the system would fight deepfakes and falsify official records. It is not clear whether Aquino’s bill would relate directly to such a program.
Global Push for Blockchain in Public Sector
Governments worldwide are also exploring blockchain in public sector operations. Reports state that the U.S. Commerce Department will begin publishing certain economic data, including GDP figures, using blockchain to enhance reliability and transparency.
In the Philippines, discussions around blockchain in governance come alongside other digital asset proposals. A bill has already been put forward by Congressman Miguel Luis Villafuerte, which is aimed at establishing a strategic reserve of bitcoins, hoping to have 10,000 BTC in store in five years.
Aquino’s action is a major effort to integrate blockchain technology into the country’s affairs. If the proposal gains traction, it could set the Philippines apart as a pioneer in transparent public budgeting.
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