The Philippines is taking a significant step towards promoting transparency in its national budget with the introduction of blockchain technology. Senator Bam Aquino has announced plans to propose a legislative template that would integrate the government’s budget and transactions into a blockchain platform, ensuring better transparency and accountability.
According to a Facebook post by the local news publication Businessworld, Aquino intends to submit the bill “in the next few weeks”. This move is expected to bring about a new level of openness in the government’s financial dealings, allowing citizens to track how their taxes are being utilized. In a dedicated Facebook post, Aquino emphasized the importance of technology in strengthening government accountability, specifically highlighting the potential of blockchain-based budgeting.
Aquino stated, “I also talked about innovations such as blockchain-based budgeting to make every peso transparent and accountable. By using blockchain for our budget, we can make sure that people know where to go.” This development is not isolated, as the Philippines has been actively exploring the adoption of blockchain technology in various sectors. 
Blockchain Adoption in the Philippines
The Philippines has been making significant strides in blockchain adoption, with the government launching a blockchain-based document validation system on Polygon in late July. Although the network experienced a partial failure on the same day, this initiative demonstrates the country’s commitment to leveraging blockchain for increased transparency and efficiency. The Blockchain Council of the Philippines (BCP), a local non-profit organization, has been working closely with the Department of Information and Communication Technology to promote blockchain adoption through a state partnership since 2023.
BCP founder Donald Lim expressed his confidence in the Philippines’ potential to become a leader in blockchain adoption, stating, “We are very firmly convinced that we can be the Blockchain capital of Asia.” This sentiment is echoed by the growing number of government initiatives aimed at utilizing blockchain for various purposes, including the protection of voter files and election results, as well as the digitization of land documents.
Global Blockchain Adoption
The use of blockchain technology by governments is gaining momentum worldwide. In the United States, for example, the Department of Commerce has announced plans to publish economic statistics, including gross domestic product data, on a blockchain platform. Similarly, in India, the administration of a city has digitized all land documents from the 1950s and stored them on the Avalanche blockchain. Vietnam has also introduced a national blockchain platform for digital transactions and records in various sectors.
These developments demonstrate the increasing recognition of blockchain’s potential to promote transparency, accountability, and efficiency in government operations. As more countries explore the adoption of blockchain technology, it is likely that we will see significant advancements in the way governments manage their finances and interact with citizens. For more information on this topic, visit https://cointelegraph.com/news/philippines-bam-aquino-blockchain-national-budget-transparency?utm_source=rss_feed&utm_medium=rss_tag_regulation&utm_campaign=rss_partner_inbound
