{"id":403273,"date":"2025-08-28T09:04:39","date_gmt":"2025-08-28T03:34:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/philippine-senator-suggests-putting-national-budget-on-chain-crypto-news\/"},"modified":"2025-08-28T09:27:42","modified_gmt":"2025-08-28T03:57:42","slug":"philippine-senator-suggests-putting-national-budget-on-chain-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/philippine-senator-suggests-putting-national-budget-on-chain-crypto-news\/","title":{"rendered":"Philippine Senator Suggests Putting National Budget On-chain &#8211; Crypto News"},"content":{"rendered":"<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<div class=\"pt-8 pb-10 border-t border-b border-decryptGridline \">\n<h4 class=\"sc-b2a202e4-4 bNRGqr gg-dark:text-white\" color=\"#333\">In brief<\/h4>\n<ul>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Senator Bam Aquino called for budget transactions to be recorded on-chain.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">A formal bill proposing the measure is yet to be filed.<\/li>\n<li class=\"font-meta-serif-pro font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Blockchain solutions aren\u2019t \u201ca silver bullet against corruption,\u201d a local blockchain infrastructure firm told Decrypt.<\/li>\n<\/ul>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Philippine Senator Bam Aquino wants the country\u2019s national budget placed on a blockchain platform, a move he said would make every peso spent traceable by citizens.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">\u201cNo 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,\u201d Aquino said in a <\/span><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=jdElVUnQCUY\" target=\"_blank\" class=\"sc-adb616fe-0 bJsyml\"><span style=\"font-weight:400\">statement<\/span><\/a><span style=\"font-weight:400\"> at the Manila Tech Summit held on Wednesday.<\/span><\/p>\n<p><iframe loading=\"lazy\" style=\"border:0\" src=\"https:\/\/linea.myriadprotocol.com\/embed\/market\/will-satoshi-nakamoto-s-wealth-be-above-150b-at-end-of-september\" width=\"100%\" height=\"415px\"><span data-mce-type=\"bookmark\" style=\"display:inline-block;width:0px;overflow:hidden;line-height:0\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">\u201cIf we&#8217;re able to do this, I think we&#8217;ll be the first country to have our budget on the blockchain,\u201d Aquino said, adding he\u2019s unsure what kind of support he\u2019d receive.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">At the time of writing, no formal proposal on a blockchain-powered budget management system scaled for the country\u2019s entire national budget has been filed. Representatives for Senator Aquino did not immediately return <\/span><i><span style=\"font-weight:400\">Decrypt\u2019s<\/span><\/i><span style=\"font-weight:400\"> request for comment.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">But once formalized, Senator Aquino\u2019s plan would build upon the Department of Budget and Management&#8217;s existing blockchain <\/span><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/blockchain.dbm.gov.ph\/\" target=\"_blank\" rel=\"nofollow external noopener\" class=\"sc-adb616fe-0 bJsyml\"><span style=\"font-weight:400\">platform<\/span><\/a><span style=\"font-weight:400\">, which already records select financial documents and is the first live on-chain budget platform in Asia.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">BayaniChain, the local blockchain infrastructure firm behind the DBM\u2019s on-chain platform, welcomed Aquino\u2019s remarks but clarified it is not directly involved with the senator.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">\u201cHis vision aligns with ours: creating more transparent and accountable systems for the Philippines,\u201d Paul Soliman, co-founder and CEO of BayaniChain, told <\/span><i><span style=\"font-weight:400\">Decrypt<\/span><\/i><span style=\"font-weight:400\">. \u201cWhile blockchain is not a silver bullet against corruption, it creates immutable records that ensure accountability from government officials.\u201d<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Soliman said BayaniChain\u2019s role is to provide the technology that links the Department of Budget and Management\u2019s internal system to a public blockchain.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">This setup allows key budget documents, such as Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs), to be published and verified online, with the records secured on-chain.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Prismo, an orchestration layer, manages data handling, encryption, and validation. The DBM\u2019s budget platform uses Polygon\u2019s <\/span><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/decrypt.co\/resources\/proof-of-work-vs-proof-of-stake\" target=\"_blank\" class=\"sc-adb616fe-0 bJsyml\"><span style=\"font-weight:400\">Proof-of-Stake<\/span><\/a><span style=\"font-weight:400\"> network, an Ethereum scaling solution fully compatible with the Ethereum Virtual Machine, as its consensus and transparency layer.<\/span><\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-start p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl md:text-center gg-dark:text-white\">Daily Debrief<!-- --> Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In brief Senator Bam Aquino called for budget transactions to be recorded on-chain. A formal bill proposing the measure is yet to be filed. Blockchain solutions aren\u2019t \u201ca silver bullet against corruption,\u201d a local blockchain infrastructure firm told Decrypt. Philippine Senator Bam Aquino wants the country\u2019s national budget placed on a blockchain platform, a move [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":403276,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-403273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/403273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=403273"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/403273\/revisions"}],"predecessor-version":[{"id":403277,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/403273\/revisions\/403277"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/403276"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=403273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=403273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=403273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}