CoinVoice has learned that Philippine Senator Bam Aquino suggested at the Manila Tech Summit to record national budget transactions on the blockchain so that citizens can track the flow of every fund. He stated, 'No one would want to put transactions on a chain that everyone can track, but we want to try.' No formal bill has been submitted yet.
Once implemented, the plan will be based on the blockchain platform that the Philippine Department of Budget and Management (DBM) has launched, which is the first in Asia to put some financial documents on the blockchain. This platform is supported by the regional blockchain infrastructure company BayaniChain, whose CEO Paul Soliman pointed out that while blockchain is not a 'magic bullet' for 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 Notice of Cash Allocations (NCA) to be publicly verified. [Original link]