TLDR
- Philippines may launch world’s first blockchain national budget system
- Bam Aquino eyes bill to put full PH budget on the blockchain for all to see
- Transparent peso: PH budget may soon be trackable via blockchain tech
- Philippines could pioneer full government budgeting on blockchain.
- Blockchain may soon power every step of the Philippine budget process.
The Philippines could soon become the first nation to host its national budget on a blockchain platform. Senator Bam Aquino announced his intent to file a bill introducing a blockchain-based budget system within weeks. This proposal seeks to ensure transparent, traceable transactions across all government departments.
Senator Aquino revealed the plan at the Manila Tech Summit, gaining attention from the local tech and policy communities. He emphasized the potential for blockchain to promote radical financial openness and accountability. While the proposal remains informal, it outlines a significant shift in public financial management.
The bill aims to give every citizen visibility into how the government spends each peso. With transactions logged immutably, the system will eliminate opacity in budgeting processes. If implemented, the Philippines would set a global benchmark in fiscal transparency.
DBM Blockchain System Already Lays Groundwork
The Department of Budget and Management (DBM) has already adopted blockchain for document validation. Last month, it launched a system on the Polygon network to secure budgetary documents like Special Allotment Release Orders. This platform ensures that records are accurate and tamper-proof, enhancing document integrity.
BayaniChain, a Philippine blockchain firm, built the infrastructure linking DBM’s internal systems to a public blockchain. Through this platform, key documents are published online and validated using a transparent on-chain system. The network uses Prismo as its orchestration layer and relies on Polygon’s Proof-of-Stake for consensus.
Although Aquino is not officially connected to BayaniChain, his proposal aligns with its objectives. Paul Soliman, BayaniChain CEO, welcomed the initiative and confirmed its alignment with the company’s mission. He noted that blockchain brings immutable records that strengthen government accountability.
Legislation Could Transform Government Spending Oversight
If passed, Aquino’s bill could expand the existing system to include the entire national budget. The platform would digitize every step of the budgeting process, from allocation to disbursement. Citizens would gain real-time access to data, allowing independent monitoring of public spending.
This level of transparency could set new standards in global governance. No other country currently uses blockchain for complete national budget management. The move could place the Philippines at the forefront of tech-enabled public accountability.
Aquino remains uncertain about political backing but plans to pursue the proposal regardless. He intends to build on the existing momentum and promote trust in government finance. The coming weeks will determine if the Senate supports this transformative step.
