Blockchain for government funds: Philippines considers bold move

Philippine Senator Bam Aquino has announced plans to file a bill that would place the country’s national budget on a blockchain platform, local media reported. The statement was made on Wednesday during the Manila Tech Summit.

Aquino explained that the bill will be introduced in the coming weeks, with the main objective of increasing transparency in managing public funds. “We want to begin the process of digitalizing the budget and government transactions through a blockchain system,” the senator said, as quoted by BusinessWorld.

In a separate Facebook post, Aquino added that such a measure could make the Philippines the first country in the world to manage its budget on blockchain.

The announcement comes a month after the Department of Budget and Management launched a blockchain-based validation system on Polygon to prevent forgery and the use of fake government documents.

Meanwhile, governments worldwide are exploring blockchain applications in the public sector. In the United States, the Department of Commerce recently announced that it will begin publishing economic data, including GDP figures, using a blockchain-based system.