TLDR
- DICT Secretary Henry Aguda backs Senator Bam Aquino’s blockchain bill for public budget transparency.
- The bill aims to use blockchain to ensure every peso in the budget is traceable.
- Blockchain can make government transactions auditable and immutable, improving trust.
- Aquino’s bill could make the Philippines the first country to publish its full national budget on blockchain.
In a move to enhance government transparency and accountability, DICT Secretary Henry Aguda expressed his support for Senator Bam Aquino’s “Blockchain the Budget Bill.” The bill, aimed at placing the Philippine government’s budget and financial transactions on a blockchain, is set to increase public trust and streamline government spending.
Blockchain’s Role in Transparency
In a move aimed at boosting transparency and accountability within the Philippine government, DICT Secretary Henry Aguda voiced his strong support for Senator Paolo Benigno “Bam” Aquino IV’s Blockchain the Budget Bill. The bill seeks to utilize blockchain technology to track and record government financial transactions, ensuring full transparency in the allocation and usage of public funds.
Aguda highlighted that blockchain technology has already been successfully integrated in various sectors within the country, including banks, insurance companies, and real estate firms. He mentioned the Department of Budget and Management’s recent adoption of blockchain technology for publishing key budget documents, which is being used on the Polygon network.
“We’ve already seen how blockchain is being used effectively in other sectors, and it’s a great move for the government as well,” Aguda said. He believes the blockchain-based solution could significantly improve the country’s public financial management by providing real-time tracking and ensuring that every peso is accounted for and accessible to the public.
Key Features of the Blockchain the Budget Bill
Senator Aquino’s bill aims to revolutionize the national budgeting process by implementing blockchain for transparency. According to Aquino, the goal is not only to make the budget publicly available but also to allow citizens to directly track every government expenditure.
Through the proposed blockchain platform, all records of the national budget will be stored as Digital Public Assets (DPAs). Citizens, oversight bodies, and the Commission on Audit (COA) will have real-time access to this information through a public portal. Aquino emphasized that this system would eliminate the possibility of hidden projects or untraceable transactions, which have often been a challenge in previous administrations.
“The bill seeks to modernize budget transparency and accountability through blockchain technology,” Aquino stated, emphasizing the potential for blockchain to empower Filipino citizens by giving them access to government financial data.
Expected Impact on Governance and Public Trust
The proposal is expected to enhance governance and foster greater public trust. Currently, government budgeting in the Philippines has been criticized for being opaque and difficult for citizens to scrutinize.
Blockchain offers a solution to these issues by ensuring that the allocation of funds is transparent, immutable, and auditable.
Lito Villanueva, founding chair of the FinTech Alliance Philippines, also expressed his support for the bill, highlighting how transparency is the foundation of good governance. He noted that this move could help reduce corruption and improve the public’s confidence in how their taxes are being used.
Road Ahead for the Blockchain Budget Bill
The Blockchain the Budget Bill is currently under review in the Philippine Senate, and its successful implementation would make the Philippines a global pioneer in utilizing blockchain for public financial management.
If enacted, the bill will be managed by the Department of Information and Communications Technology (DICT), in coordination with the Department of Budget and Management (DBM) and the COA.
With blockchain adoption growing rapidly in the private sector, this bill could pave the way for further integration of the technology into government services. It represents a step toward a more open and accountable government, where every transaction is publicly verifiable and subject to oversight.
