In an effort to enhance transparency, accountability, and public participation in the country's budget process, Senator Bam Aquino has introduced a measure that mandates the establishment of a National Budget Blockchain System.

Under Aquino’s Senate Bill No. 1330, blockchain technology will be utilized to ensure that every peso of public funds allocated in the national budget is traceable, transparent, auditable, and accessible to citizens in real time.

"By using modern technology, we can ensure that every peso in our national budget goes to where it is allocated. The people can also be assured that it is being used properly down to the last cent," Aquino said.

While the national budget is one of the most important instruments of governance, Aquino noted that documents related to it have remained closed, highly technical, and difficult to understand, making oversight almost impossible even for those who want to scrutinize them.

The senator explained that the bill aims to modernize budget transparency and accountability by utilizing blockchain technology.

"The goal is not only to make sure that the budget is publicly available, but also to ensure that it is accessible and open for citizen engagement,” Aquino further explained.

Through blockchain, collaboration can be strengthened across the Executive and Legislative branches, along with civil society organizations and other stakeholders who play a vital role in sustaining and deepening democracy.

It also serves as a powerful tool for accountability as all budget transactions become transparent, immutable, and auditable, according to Aquino.

“This ensures that every peso can be tracked by the public. No more ‘fly-by-night’ contractors. No more hidden projects unknown to local governments,” he said, adding that prices of materials can be easily compared across contracts.

If enacted into law, the Department of Information and Communications Technology, in coordination with the Department of Budget and Management and the Commission on Audit, will establish a blockchain-based budget system where all records of the national budget are recorded as digital public assets.

A public portal with real-time access to DPAs will be established to enable citizen, COA, and oversight bodies to independently verify the flow of funds, down to the agencies, projects, and beneficiaries.