According to the Department of Information and Communication Technology (DICTATION) knot. Henry Aguda, the government is taking concrete steps to see if blockchain can make the Philippines’ national budget more open and traceable.
He told the Malacañang Press Corps that a working prototype would be shown to senators and representatives to prove the idea could work. The move comes as lawmakers are pushing a bill that would put budget documents and transaction records online distributed ledger for public verification.
DICT starts building a prototype
Aguda said the country has “many experts in the blockchain field” and that one of his mandates is to ensure a minimum viable product so lawmakers can see a live demo before full implementation.
He also mentioned that the DICT is experimenting with stablecoin systems to track peso transactions in banks. Reports indicate that he will appeal to President Ferdinand Marcos Jr. for the bill to be recognized as urgent, which will be a signal that the executive may insist on faster action.
Senate Bill 1330, titled the “Philippine State Budget Blockchain Act,” would require the executive branch, Congress, and local governments to upload and publish their budget transactions on the platform blockchain.
If passed, citizens will be able to track allocations, offers, payouts and contracts on a publicly perceptible chain. The bill also seeks to borrow features from the Full Disclosure Act so people can compare contracts and expense reports.
About transparency and security
During a Senate hearing on SB1330, the Science and Technology Committee discussed how blockchain could aid reveal delays or anomalies in spending. Sen. Bam Aquino told the panel that placing entries on the public ledger could make budget processes “transparent, fair and secure.”
Proponents say a perceptible chain would allow ordinary citizens to track where funds are moving and detect discrepancies faster than current systems allow.
Legal Expert Questions Blockchain Budget
Not everyone likes this idea. Florin Hilbay, former general counsel and now dean of Silliman University College of Law, asked directly:
“Do we really need to base our budget on blockchain?”
Corporate Finance Institute
He warned that what begins as a promise of openness could degenerate into a centralized database hosted on several servers run by contractors.
Hilbay also highlighted cost concerns, saying the plan allocates PhP500 million ($8.6 million) for the initial outlay and argued that astute contracts and validation nodes add complexity and up-to-date technical risks.
Aguda stated that the DICT would not apply public funds for the prototype and that private groups had already offered aid.
Featured image from N90, chart from TradingView
Editorial process for bitcoinist is focused on providing thoroughly researched, correct and unbiased content. We adhere to strict sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
