Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Philippine senator eyes proposal to place government budget on blockchain: reports

Philippine senator eyes proposal to place government budget on blockchain: reports

The BlockThe Block2025/08/27 16:00
By:By Timmy Shen

Quick Take Philippine Senator Bam Aquino announced his intention to propose a bill that would place the country’s national budget on a blockchain platform, according to local media reports. Aquino said at the Manila Tech Summit on Wednesday that he plans to file a bill in the next couple of weeks.

Philippine senator eyes proposal to place government budget on blockchain: reports image 0

Philippine Senator Bam Aquino said he intends to soon propose a bill seeking to place the country's national budget on a blockchain platform, local media reported.

During his appearance at the Manila Tech Summit on Wednesday, Aquino said he plans to file a bill in the next couple of weeks proposing to place government budgeting and transactions to a blockchain-based system for greater openness, local business news website BusinessWorld reported .

"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 said at the conference, according to a report from local TV news channel Bilyonaryo.

In a separate Facebook post , Aquino noted that he talked about innovations at the conference, such as "blockchain-based budgeting to make every peso transparent and accountable."

"If we're able to do this, I think we'll be the first country to have our budget on the blockchain. Of course, I don't know what kind of support I will get," Aquino added.

The Block has reached out to Aquino's office for further information.

Aquino's remarks came after the Department of Budget and Management launched a blockchain-based document validation system on Polygon last month. At the time, Undersecretary Maria Francesca Del Rosario said the system could help combat AI deepfakes and prevent bad actors from falsifying government documents. It's unclear if Aquino's planned measure would be linked to the initiative.

Governments worldwide are exploring blockchain applications for public sector operations. On Tuesday, U.S. Commerce Secretary Howard Lutnick said the department will begin publishing economic statistics on the blockchain, starting with GDP figures.

Meanwhile, Philippine Congressman Miguel Luis Villafuerte has proposed a bill to establish a strategic bitcoin reserve, aiming to accumulate a total of 10,000 BTC over five years.


0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Key global market data will be released this week, including the U.S. non-farm payroll report, CPI inflation data, and the Bank of Japan's interest rate decision, all of which will significantly impact market liquidity. Bitcoin prices are fluctuating due to macroeconomic factors, while institutions such as Coinbase and HashKey are striving to break through via innovation and public listings. Summary generated by Mars AI This summary was generated by the Mars AI model. Its accuracy and completeness are still being iteratively improved.

MarsBit2025/12/15 05:05
This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"

Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

The Federal Reserve is cutting interest rates and starting bond purchases, while Japan and other regions may turn to rate hikes. Silver repeatedly hits record highs, SpaceX is set for a 1.5 trillion IPO, and Oracle becomes the litmus test for the AI bubble. The Russia-Ukraine peace process is stuck on territorial issues, the US seizes a Venezuelan oil tanker... What exciting market events did you miss this week?

Jin102025/12/15 03:34
Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?

Key Highlights to Watch at Solana Breakpoint 2025

How does Solana seize market share in an increasingly competitive landscape?

Chaincatcher2025/12/15 03:33
Key Highlights to Watch at Solana Breakpoint 2025
© 2025 Bitget