Senate bill wants use of blockchain to ensure national budget transparency, accountability

This will offer a solution to ensure public funds are handled well.

A new bill by Senator Bam

Incorporating technology for better budget management

A bill has been filed in the Senate that aims to establish a blockchain system for a more transparent national budget.

Senate Bill No. 1330, filed by Senator Bam Aquino, mandates the creation of a National Budget Blockchain System to strengthen transparency, accountability, and public participation in the country's budget process.

The proposed measure aims to use the technology to ensure that every peso of public funds allocated in the national budget is traceable, transparent, auditable, and accessible to citizens in real time.

Sa paggamit natin ng makabagong teknolohiya, masisiguro natin na bawat piso sa ating national budget ay mapupunta sa pinaglalaanan. Matitiyak din ng taumbayan na ito'y nagagamit sa tama, hanggang sa huling sentimo, Aquino said.

Aside from modernizing budget transparency and accountability, the bill also aims to make sure that the budget is publicly available and to ensure that it is accessible and open for citizen engagement.

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.

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, Aquino said, adding that prices of materials can be easily compared across contracts.

If enacted into law, the Department of Information and Communications Technology (DICT), 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 (DPAs).

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

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Source: Senate of the Philippines