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Philippine Senator Proposes On-chain National Budget to Enhance Fiscal Transparency
BlockBeats News, August 28th, Philippine Senator Bam Aquino suggested at the Manila Tech Summit that the national budget transactions should be recorded on the blockchain so that citizens can track every fund flow. He said, "No one would want to put transactions on a chain that everyone can trace, but we want to try."
No formal bill has been submitted yet. Once implemented, the plan will be based on the blockchain platform already launched by the Philippine Department of Budget and Management (DBM), which has become the first in Asia to put some financial documents on the chain.
The platform is supported by the local blockchain infrastructure company BayaniChain, whose CEO Paul Soliman pointed out that while blockchain is not a "magic bullet" against corruption, it can enhance accountability through an immutable record. The existing DBM system utilizes the Polygon PoS network as a transparency and consensus layer, where budget-related documents such as Special Allotment Release Orders (SAROs) and Notice of Cash Allocation (NCAs) can be publicly verified. (Decrypt)
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