MANILA – Senator Bam Aquino opened a Senate hearing on Senate Bill 1330, or the Philippine National Budget Blockchain Act, emphasizing the bill’s potential to enhance transparency, accountability, and public participation in the national budget process.

In his opening statement, Aquino thanked fellow senators, resource persons, and civil society groups, including the Blockchain Council of the Philippines, Fintech Alliance PH, and various start-ups, for their support in shaping the proposed legislation.

Aquino highlighted that the bill seeks to make the national budget accessible and understandable to the public, allowing citizens, NGOs, and civil society groups to track allocations and allotments in the government’s annual budget. He cited recent revelations of ghost projects, including those in the Department of Health, as examples of the opaque system the measure aims to address.

“Ginawa po nating prioridad ang blockchain dahil ito ay transparent, tapat, at ligtas… lahat ng impormasyon na kailangan ng taumbayan para mabantayan ang pera ng bayan kaya pong mailagay sa sistemang ito,” Aquino said, noting that blockchain can securely record contracts, bill of materials, bidding, awarding, and disbursement of funds.

He acknowledged calls from some stakeholders not to legislate a specific technology, assuring that the final bill would focus on standards and benefits, allowing flexibility for future technological advancements. Aquino also clarified that blockchain is not a “magic bullet” but a key tool among multiple solutions to fight corruption.

The senator underscored that transparency allows citizens to compare government contracts and spending, asking, “Saan ba napupunta ang pera ko? Saan ba napupunta ang buwis ko? Saan ba napupunta ang pera ng bayan?”

Aquino introduced the resource persons for the hearing, including representatives from BitSkwela, the Philippine Association of Fintech Lawyers, Twala, BayaniChain Ventures, Secretary Ivan John Uy Aguda of DICT, and Baguio City Mayor Benjamin Magalong, noting Baguio as the first local government unit implementing blockchain initiatives.

He recalled that the idea to put the budget on blockchain originated during his fellowship abroad in 2023 and has since gained traction among agencies like the Department of Budget and Management (DBM) and DICT, as well as several LGUs. Aquino expressed optimism that the bill could soon be passed with coordinated support from at least six congressional counterparts who have filed similar measures.

Aquino requested that presentations during the hearing be delivered in plain language to ensure that the public, many of whom are unfamiliar with blockchain, can fully understand the technology and its implications for securing government funds.