Philippine Senator Eyes Blockchain Bill for National Budget

Takeaway: 

• A senator from the Philippines expresses interest in proposing a bill to put the national budget on the blockchain 

• Senator Bam Aquino says the bill will ensure government spending transparency 

At a Manila tech summit on Wednesday, Senator Bam Aquino discussed his plans to propose a bill that will integrate government budgets and transactions into the blockchain. Bam Aquino says he will formally present this bill in a couple of weeks. The 48-year-old senator could make the Philippines the first country to put its budget on blockchain if the bill passes. 

The senator, in his speech, recognizes that this sort of transparency is unpopular. Yet, he believes it’s a way to ensure transparency between the government and the people of the Philippines. Every amount spent by the government will be available for the citizens to track.

Expanding Blockchain Use In the Philippines 

Senator Bam Aquino’s idea isn’t foreign to the people of the Philippines. Already, the Department of Budget and Management has been using the Polygon network to record select financial documents. For instance, financial documents such as Notice of Cash Allocations and Special Allotment Release Orders are available for public perusal on-chain. 

With this bill, the government of the Philippines can take transparency further. Also, this move will set a precedent not only in Asia but across the world. 

Why Blockchain Record Keeping is so Important 

Many countries use a traditional record-keeping system. In some cases, these records are not publicly available. However, unlike blockchain, many are also not immutable. With an on-chain system, budget and related transaction records can’t be manipulated. Also, they become open and transparent to stakeholders at all levels.