According to ChainCatcher, Philippine Senator Bam Aquino stated at the Manila Tech Summit that he proposed recording the national budget transactions on the blockchain so that citizens can track the flow of funds. He said, 'No one would want to put transactions on a chain that everyone can track, but we want to give it a try.' No formal bill has been submitted yet.
Once implemented, the plan will be based on the blockchain platform already launched by the Department of Budget and Management (DBM) of the Philippines, which is the first in Asia to put certain financial documents on the blockchain. The platform is technically supported by the local blockchain infrastructure company BayaniChain, whose CEO Paul Soliman pointed out that while blockchain is not a 'magic bullet' for anti-corruption, it can enhance accountability through immutable records. The existing DBM system utilizes the Polygon PoS network as a layer for transparency and consensus, allowing relevant budget documents such as Special Allotment Release Orders (SARO) and Notices of Cash Allocation (NCA) to be publicly verified.