Nikolas Sargeant
Philippine Senator Bam Aquino announced plans to introduce groundbreaking legislation that would place the country's national budget on a blockchain platform, marking a potential first-of-its-kind transparency initiative in government finance. Speaking at the Manila Tech Summit on Wednesday, Aquino revealed he plans to file the bill within the next couple of weeks, proposing to migrate government budgeting and transactions to a blockchain-based system for enhanced openness and accountability.
The senator's proposal aims to create an unprecedented level of financial transparency by making every peso of government spending traceable by citizens. "No one is crazy enough to put their transactions on blockchain, where every single step of the way will be logged and transparent to every single citizen. But we want to start," Aquino stated during his Manila Tech Summit appearance. This blockchain implementation would theoretically allow real-time public monitoring of budget allocations and expenditures across all government departments and agencies.
The initiative would build upon the Philippines' existing blockchain platform for budget management, suggesting the country already has some foundational infrastructure in place for such a transition. The proposal comes at a time when blockchain technology is increasingly being explored by governments worldwide as a tool for enhancing transparency and reducing corruption in public sector operations.
While the formal bill has yet to be filed, Aquino's announcement represents a significant step toward digital governance modernization in the Philippines. The senator's blockchain budget proposal joins other recent cryptocurrency-related legislative efforts in the country, including separate initiatives for strategic Bitcoin reserves, as the Philippines positions itself at the forefront of blockchain adoption in Southeast Asia's public sector.
The Philippines Explore Bitcoin Reserve
Aquino's blockchain budget proposal joins other ambitious cryptocurrency legislation in the Philippines. House Bill 421, known as the Strategic Bitcoin Reserve Act, was introduced by Congressman Luis Raymund Villafuerte Jr. and directs the Bangko Sentral ng Pilipinas (BSP) to systematically accumulate Bitcoin over a five-year period. Under the proposed legislation, the central bank would be mandated to purchase 2,000 Bitcoin annually, building a total reserve of 10,000 BTC by the end of the acquisition period.
The legislation includes strict custody and management provisions, requiring the Bitcoin reserve to be held in trust for a minimum of 20 years before any disposal decisions can be made. The bill specifically prohibits selling the reserve except for retiring government debt and mandates quarterly audits with institutional-grade custody standards.
These initiatives reflect the Philippines' evolving cryptocurrency landscape, which also includes the central bank's exploration of a digital peso targeted for 2029 launch and recent acceptance of USDT for social security payments. Together with Aquino's blockchain budget proposal, these developments position the Philippines as a regional leader in government blockchain adoption.
