Senator Bam Aquino wants Philippine budget on blockchain
- Philippines evaluates government budget on blockchain
- Project seeks greater transparency in public spending
- Blockchain can revolutionize government management
Philippine Senator Bam Aquino announced who intends to introduce a bill to transfer the national budget and government transactions to a blockchain platform. The proposal was unveiled during the Manila Tech Summit, where the lawmaker emphasized that the central objective is to increase transparency and accountability in the use of public resources.
According to Aquino, the idea is to launch an innovative management model, while recognizing the political and technical challenges of implementation.
"No one is crazy enough to put their transactions on the blockchain, where every step of the way will be recorded and transparent to all citizens. But we want to start."
stated the senator during the event.
In a Facebook post, Aquino reinforced his vision for public sector innovation, stating that a "blockchain-based budget would make every peso transparent and accountable." He also highlighted that, if the plan moves forward, the Philippines could become the first country to fully blockchain its budget, although the level of political support for the initiative remains uncertain.
The proposal comes at a time when the Philippine government is already testing similar solutions. Last month, the Department of Budget and Management launched a document validation system using the Polygon network, aimed at combating fraud and digital forgeries. According to Undersecretary Maria Francesca Del Rosario, the system also helps prevent artificial intelligence deepfakes, reinforcing the integrity of official documents.
Besides the Philippines, other governments are exploring the use of blockchain for government operations. Recently, U.S. Secretary of Commerce Howard Lutnick stated that the department will begin publishing economic statistics using blockchain, starting with GDP data.
In the same Asian country, Congressman Miguel Luis Villafuerte presented another proposal, this time focused on creating a strategic Bitcoin reserve, with the goal of accumulating 10.000 BTC within five years. The combination of measures involving cryptocurrencies and blockchain reinforces the trend toward digitalization of public administration in the region.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hong Kong Needs a Liquidity Revolution
In the past two decades, Hong Kong was once the jewel of Asia's capital markets. But today, the Hong Kong stock market faces an undeniable reality: insufficient liquidity. Trading volumes have declined, valuations have remained depressed for a long time, and the financing capacity of high-quality companies is severely constrained. The issue is not a lack of quality companies in Hong Kong, but a lack of new liquidity absorption models. In the new global capital landscape, liquidity determines market pricing power and influence. Wall Street holds this influence, using ETFs, derivatives, and structured products to continuously cycle funds and assets, creating a vast liquidity network. In contrast, Hong Kong's capital market remains stuck in a traditional model of placements, IPOs, and secondary market trading, and is in urgent need of a new "liquidity revolution."

SEC unveils cross-border task force to tackle fraud
Share link:In this post: The US SEC has announced the formation of a new cross-border task force to tackle international fraud. The group is expected to help the SEC in its fight against international bad actors targeting US investors. The cross-border task force will also be charged with overseeing violations related to securities laws.
Warner Bros sues AI-image generator Midjourney over alleged character images theft
Share link:In this post: Warner Bros has initiated legal actions against AI startup Midjourney, claiming copyright infringement. The company claimed Midjourney knowingly engaged in wrongful conduct by generating its high-quality images for its subscribers. Warner Bros claims that the lawsuit was filed to protect its partners, content, and investments.

InfoFi Faces a Slump: Rule Upgrades, Shrinking Yields, and Platform Transformation Dilemma
Creators and projects are leaving the InfoFi platform.

Trending news
MoreCrypto prices
More








