According to BlockBeats, on August 28, Philippine Senator Bam Aquino stated at the Manila Tech Summit that he suggested recording national budget transactions on the blockchain so that citizens could track the flow of every fund. He said: 'No one would want to put transactions on a chain that everyone can track, but we want to try.'
Currently, no formal bill has been submitted. Once implemented, the plan will be based on the blockchain platform that the Department of Budget and Management (DBM) of the Philippines has launched, which is the first in Asia to put some financial documents on the blockchain.
The platform is technically supported by the regional blockchain infrastructure company BayaniChain. Its CEO, Paul Soliman, pointed out that while blockchain is not a 'magic bullet' against corruption, it can enhance accountability through immutable records. The existing DBM system uses the Polygon PoS network as the 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. (Decrypt)