Philippines Could Make History With Fully On-Chain National Budget
Speaking at the Manila Tech Summit, Aquino admitted that political backing remains uncertain, but said the initiative could position the Philippines as the first nation to manage its full budget on-chain.
Blockchain Budget System Already Live
The idea builds on a system the Department of Budget and Management (DBM) already operates — Asia’s first blockchain-based budget platform. The DBM currently records key fiscal documents, such as Special Allotment Release Orders (SAROs), onto a blockchain where they can be verified by the public.
The system runs on Polygon, with a transparency tool called Prismo developed by local startup BayaniChain. This framework connects the DBM’s internal records to the blockchain, ensuring documents are both immutable and accessible.
Balancing Innovation and Regulation
While the Philippines is pioneering blockchain use in governance, regulators are also tightening oversight of the crypto sector. The country’s Securities and Exchange Commission recently flagged 10 major crypto exchanges for operating without proper licenses.
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A National Leap Toward Transparency?
Currently, only select documents are recorded on-chain. Expanding to cover the full national budget would mark a sweeping shift in fiscal governance, enabling citizens to verify spending instantly and reducing opportunities for corruption.
Aquino argued that such transparency would strengthen public trust in government, describing blockchain as a tool to “hard-code accountability.” If implemented, the proposal would represent one of the boldest integrations of blockchain into national governance to date.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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