Philippine Senator Bam Aquino has proposed recording the country's entire national budget on a blockchain platform to enhance transparency and public trust in government spending. The idea was presented during the Manila Tech Summit on Wednesday, where Aquino emphasized that such a move would make every peso spent traceable 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. But we want to start," he stated, acknowledging political uncertainty but calling it a bold step.
The proposal builds on an existing blockchain system already operated by the Department of Budget and Management (DBM), which is the first of its kind in Asia. This platform, running on the Polygon network, records specific fiscal documents like Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs), allowing public verification. Prismo, an orchestration layer, handles encryption, validation, and data processing to ensure security and accessibility.
BayaniChain, the blockchain firm powering the DBM's platform, welcomed Aquino's proposal. CEO Paul Soliman noted that while blockchain isn't a complete fix for corruption, it strengthens accountability by making records immutable and harder to manipulate. "His vision aligns with ours: building more transparent and accountable systems for the Philippines," Soliman said, clarifying that BayaniChain's role is technical, connecting the DBM's internal system to a public blockchain.
However, the proposal remains conceptual, with no formal legislation introduced yet. Analysts highlight challenges such as political will, system integration, and ensuring accessibility for citizens unfamiliar with blockchain technology. If adopted, the Philippines could become the first country to place its entire national budget on-chain, setting a precedent for decentralized technology in public resource management.