Senator Bam Aquino from the Philippines has proposed transferring all government transactions in the country to blockchain. In his view, this step will make government spending as transparent and accessible for citizen oversight as possible.
This is reported by Finway
Blockchain for Monitoring Public Finances
During his speech at the Manila Tech Summit, Aquino emphasized that the idea of placing the national budget on blockchain would allow every resident of the Philippines to track the use of public funds. If the initiative is implemented, the Philippines could become a pioneer in applying this technology for national budget management.
“No one is crazy enough to put their transactions on a blockchain where every step will be transparent. But we want to start,” Aquino stated.
Additionally, the senator announced a strengthened effort against online gambling. According to him, online gambling is an abuse of the trust of Filipinos, and new restrictions are expected to be implemented soon — particularly blocking access to gambling websites and mobile applications.
DBM System and Support from Blockchain Company
After formalizing the initiative, the project will be based on the platform of the Department of Budget and Management (DBM), which is already publishing separate financial documents on blockchain. This system has become the first of its kind in Asia, highlighting the Philippines’ innovative approach to the digitization of public finances.
The local blockchain company BayaniChain, which developed the DBM platform, supports the senator’s vision, although it is not currently collaborating with him directly. Co-founder and CEO of BayaniChain Paul Soliman noted that the company aims to create transparent and accountable systems for the government, and explained that while blockchain is not a universal solution to combat corruption, it ensures the immutability of records and oversight of officials’ actions. BayaniChain is currently working on integrating the internal DBM system with the public blockchain.
It is worth noting that in early August 2025, the Securities and Exchange Commission of the Philippines announced the blocking of ten more cryptocurrency exchanges operating without licenses in the country.