MANILA – Lawmakers and local executives on Thursday pushed for the integration of blockchain technology in the national budget process, citing its potential to strengthen transparency, accountability, and public participation in government spending.
At the Senate Committee on Science and Technology hearing, chaired by Senator Bam Aquino, discussions centered on Senate Bill 1330 or the proposed Philippine National Budget Blockchain Act.
The measure seeks to establish a blockchain-based budget system that will record all allocations, disbursements, procurements, and expenditures as digital public assets accessible to the public in real time.
Aquino said the proposal responds to long-standing public clamor for a budget process that is open and easy to monitor.
“To put our national budget on the blockchain answers many concerns and issues with our current system, kung saan may mga insertions at ghost projects. Makikita kung paano ginastos ang pera ng bayan (where there are insertions and ghost projects. The public can see how people’s money is spent),” he said.
Baguio City Mayor Benjamin Magalong, who earlier launched a local blockchain initiative, testified that the technology provides permanent audit trails and reduces opportunities for manipulation.
“Enough is enough. Every Filipino deserves systems that are not only efficient but also inherently trustworthy. Blockchain closes the gaps by creating tamper-proof and audit-ready records by design,” Magalong said.
Under the bill, the Department of Information and Communications Technology will spearhead the implementation, while the Department of Budget and Management and the Commission on Audit will ensure integration into financial reporting and audit systems.
A public portal will be established for citizens and oversight bodies to verify the flow of funds down to agencies, projects, and beneficiaries. (PNA)
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