Blockchain Could Make the Philippine Budget Unerasable and Transparent for All

The Philippine government is advancing a landmark legislative initiative to place its national budget on a blockchain-based platform, with two senators independently pushing forward distinct proposals. Senate Bill No. 1330, known as the “Blockchain the Budget Bill,” was officially filed by Senator Mark Villar, aiming to leverage blockchain technology to ensure real-time public access, enhance transparency, and reduce the risk of corruption in government spending [1]. Under this framework, all budget disbursements would be recorded on a tamper-proof ledger, enabling citizens, media, and watchdog groups to track public funds in real time and verify adherence to approved budgets [1].

The proposed system is designed to involve key government entities such as the Department of Budget and Management (DBM) and the Commission on Audit (COA), which would play central roles in developing and overseeing the implementation of the platform [1]. By doing so, the government aims to create a more accountable budgeting process, where delays or misuse of funds could be identified and addressed promptly. Villar emphasized that the initiative is not just a technological upgrade but a strategic move to restore public trust in how government resources are allocated and utilized [1].

Separately, Senator Bam Aquino proposed a similar initiative, advocating for the use of Polygon to implement a blockchain-based budget system. Speaking at the Manila Tech Summit, Aquino highlighted the potential for blockchain to enable complete transparency in government finances, stating that the public could track where every peso is allocated [2]. The DBM has already begun experimenting with on-chain budget platforms, with projects such as BayaniChain and the Prismo orchestration layer playing a key role in its development. These systems are currently operating on the Polygon Proof-of-Stake network and have already begun publishing critical financial documents like Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) on the blockchain [2].

According to Paul Soliman, CEO of BayaniChain, the blockchain technology will not eliminate corruption entirely but will create unerasable records that significantly enhance accountability. Aquino’s proposed legislation seeks to extend this model to the full national budget, making the Philippines a potential pioneer in open governance [2]. However, both initiatives face political and technical challenges, including the need for cross-partisan support and the scalability of existing systems to handle the full scope of national fiscal operations.

The growing global interest in blockchain for governance is reflected in these proposals, with the Philippines positioning itself as a regional leader in public finance transparency. If either bill is enacted, it could set a precedent for other democratic nations seeking to improve fiscal accountability through digital innovation. Both Villar and Aquino underscore the importance of public trust and the potential for blockchain to transform budget management into a more open and verifiable process [1][2].

Source:

[1] Philippines Files 'Blockchain the Budget Bill' for ... (https://www.bitget.site/news/detail/12560604946294)

[2] Philippines Eyes Polygon for Budget Transparency (https://www.altcoinbuzz.io/cryptocurrency-news/philippines-eyes-polygon-for-budget-transparency/)