Philippine Senator Pushes Blockchain for Budget Transparency
The Philippines is moving toward blockchain adoption as Senator Bam Aquino introduced Senate Bill No. 1330, which proposes a National Budget Blockchain System to improve oversight of public funds.
If passed, the system will allow every peso of the national budget to be tracked on the web3, making transactions transparent, auditable, and accessible to citizens in real time.
Aquino emphasized:
“By using modern technology, we can ensure that every peso in our national budget goes to where it was allocated. The people can also be sure that it is used correctly, down to the last centimo.”
How the Blockchain Budget Will Work
- Budget transactions will be recorded on a Crypto ledger, preventing manipulation or hidden projects.
- Citizens and oversight groups can track funds and compare material costs across contracts to identify misuse.
- Records will be stored as Digital Public Assets (DPAs), accessible through a public portal.
The system will be built by the Department of Information and Communications Technology (DICT) in collaboration with the Department of Budget and Management and the Commission on Audit.
Blockchain Expands in the U.S.
The Philippines isn’t alone in adopting blockchain for governance. On August 27th, the U.S. Commerce Department will begin publishing GDP data directly on a blockchain. Commerce Secretary Howard Lutnick said the move will make U.S. economic data more transparent, efficient, and tamper-proof.
The program may expand to other federal agencies, allowing faster and more secure access to government data.
Why It Matters
If Aquino’s bill becomes law, the Philippines could become a global leader in online crypto, ensuring transparency, preventing corruption, and empowering citizens to hold the government accountable.
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