Senator Bam Aquino proposed to put the Philippines' budget on the blockchain, allowing citizens to track every peso of government spending.
Aquino's Initiative at Manila Tech Summit
Speaking at the Manila Tech Summit, Aquino emphasized the importance of transparency in his initiative. "No one is crazy enough to put their transactions on blockchain, where every single step will be logged and transparent for every single citizen. But we want to start," he said during his speech.
Using Blockchain for Transparency
The idea is based on existing systems. The Department of Budget and Management in the Philippines has launched a blockchain platform that publishes key fiscal documents. The co-founder of BayaniChain, which supports this platform, noted that Aquino's vision aligns with their mission. "His vision aligns with ours, building more transparent and accountable systems for the Philippines," he said.
A Global Trend Towards Blockchain Use
The Philippines is not alone in exploring blockchain for governance. The day after Aquino's announcement, U.S. Secretary Howard Lutnick announced plans to publish economic data on-chain. These events emphasize a global trend: governments are starting to use blockchain not only for finance but also for enhancing transparency and trust.
Currently, Aquino's blockchain budget proposal is still in the idea stage, and if implemented, it could serve as an example for other countries of how blockchain can reshape governance and public fund management.
