- Philippine senator has proposed putting the country’s entire national budget on a blockchain.
- The plan would expand an existing government platform that already uses Polygon to track documents.
- The goal is to create real-time transparency and accountability for all government spending.
Philippine Senator Bam Aquino wants to put the country’s entire national budget on a blockchain.
Speaking at the Manila Tech Summit, he said a blockchain-based system would make every single peso spent traceable in real time. While he admits the political support is uncertain, the move would be a bold step, potentially making the Philippines the first nation to move its entire budget on-chain.
Is the Philippine Government Already Using Blockchain?
Yes, this proposal builds on a system that is already live. The Department of Budget and Management (DBM) currently operates the first blockchain-based budget platform in Asia. The system records key fiscal documents like Special Allotment Release Orders (SAROs) and makes them verifiable by the public online.
This existing infrastructure gives the Philippines a major head start, but the country’s regulators are also cracking down on bad actors, as the Philippines SEC flags 10 major crypto exchanges for operating without a license.
What Technology Powers the Current System?
The system runs on Polygon, an Ethereum-compatible network, which acts as the public transparency layer. A tool called Prismo manages the encryption and data handling to ensure all records are secure and accessible.
This setup makes government budget documents immutable, so they cannot be altered after the fact. The technology, developed by local firm BayaniChain, connects the DBM’s internal systems to the public blockchain.
Future Outlook
Senator Aquino explained that expanding the DBM’s system to cover the full national budget would be a massive shift in how the government handles its finances.
The current setup only records select documents; a full on-chain model would allow the entire budget to be verified by anyone in real time. He argued the change would strengthen public trust by making government spending completely transparent.
While the plan still needs political backing, Aquino’s push is one of the clearest calls yet for a nation to use blockchain to enforce government accountability.
Related: Philippines SEC Unveils New Crypto Regulations: What You Need to Know
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Source: https://coinedition.com/philippine-senator-proposes-on-chain-national-budget/
