Philippines plans to launch a blockchain-based budgeting system, legal experts warn of risks
Jinse Finance reported that the Philippine Senate is currently reviewing Bill No. 1330, which was proposed by Senator Paolo Benigno "Bam" Aquino IV at the end of August. The bill plans to invest approximately $8.6 million to record the national budget on-chain, aiming to improve government spending transparency and curb corruption. This move comes amid strong public concern over alleged irregularities in infrastructure projects worth about $9.2 billion. However, several legal experts have expressed concerns. Former Philippine Solicitor General Florin Hilbay warned that simply using blockchain technology does not automatically promote transparency or prevent corruption; instead, it may be reduced to a "marketing tool." Technology law expert Russell Geronimo pointed out that the issue does not lie in the lack of an immutable ledger, but rather in the weak mechanisms for procurement oversight, auditing, and whistleblower protection. The Philippine Fintech Lawyers Association also cautioned that private entities controlling blockchain infrastructure could lead to the de facto privatization of public data. They recommended that the government retain ownership and control over budget data and adopt open-source protocols to prevent vendor lock-in and monopolies.
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.
You may also like
Programmable bank Pave Bank completes $39 million Series A funding round, led by Accel
Grayscale Stacks Trust listed on the OTCQB market
JPMorgan expects the Federal Reserve to end quantitative tightening next week.
A certain whale deposited 3 million USDC into HyperLiquid and opened a 40x leveraged short position on BTC.
Trending news
MoreCrypto prices
More








