The Philippines Senator Bam Aquino is thinking of proposing a bill that requires the Philippines national budget to be on a blockchain platform.
Aquino suggests this as a way of enhancing transparency and accountability in government spending.
Speaking at the Manila Tech Summit, Aquino announced his intention to file the bill within the next few weeks.
Bill to put Philippines National Budget on Blockchain
The proposed legislation would leverage blockchain technology to make every government transaction traceable.
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This would allow citizens to monitor the flow of public funds in real time.
“No one is crazy enough to put their transactions on blockchain, where every single step is logged and transparent to every citizen,” he said.
“But we want to start.”
Aquino also emphasized the potential of blockchain-based budgeting to ensure “every peso is transparent and accountable.”
He acknowledged uncertainty about political support but expressed ambition for the Philippines to become the first country to implement a fully on-chain national budget.
“If we’re able to do this, I think we’ll be the first country to have our budget on the blockchain,” he said.
The proposal builds on existing blockchain initiatives by the Department of Budget and Management (DBM).
They launched Asia’s first blockchain-based budget platform on the Polygon network last month.
Aquino’s initiative aligns with a global trend of blockchain adoption in governance.
U.S. Commerce Secretary Howard Lutnick announced plans to publish economic data, including GDP figures, on-chain.
Meanwhile, Philippine Congressman Miguel Luis Villafuerte proposed a separate bill to establish a strategic Bitcoin reserve of 10,000 BTC.
If the Philippines National Budget bill is successful, the Philippines could set a global and Asian precedent for blockchain-driven fiscal transparency.
