Philippine Senator Bam Aquino has initiated a proposal to transfer all government transactions in the country, including the national budget, to a blockchain platform. He believes this will allow citizens to have full access to information about government spending and ensure maximum transparency in finances.
This is reported by Business • Media
Blockchain as a Tool for Budget Transparency
“No one is crazy enough to put their transactions on a blockchain where every step will be transparent. But we want to start,” Aquino stated.
The senator expressed hope that in the future, even the national budget of the country will be hosted on a platform that allows every citizen to track the flow of funds in real time. If this plan is successfully implemented, the Philippines could become the first country in the world to fully reflect its national budget on a blockchain.
Aquino also emphasized the need to strengthen control over online gambling. He described internet gambling as a breach of public trust and announced the introduction of new restrictions, including blocking access to gaming websites and mobile applications.
Support from Developers and Technology Development
According to information, once the initiative is formalized, it will be based on the platform of the Department of Budget and Management (DBM), which is already publishing individual financial documents on the blockchain and is the first such system in Asia. The local blockchain company BayaniChain, which developed this platform, expressed support for the senator’s idea, despite not having direct collaboration with him.
Co-founder and CEO of BayaniChain Paul Soliman noted that Aquino’s vision aligns perfectly with the company’s mission — to create transparent and accountable systems for the Philippines. He emphasized that blockchain is not a universal solution to the problem of corruption, but it ensures the immutability of records and the ability to monitor the actions of government officials. Soliman also added that BayaniChain is working on integrating the internal DBM system with the public blockchain, which will enhance the openness of financial processes.
It is worth noting that in early August 2025, the Securities and Exchange Commission of the Philippines announced its intention to block another ten cryptocurrency exchanges operating in the country without the proper license.