bayanichain

ChainCatcher news, Philippine Senator Bam Aquino stated at the Manila Tech Summit that he suggested recording national budget transactions on the blockchain so that citizens can trace the flow of every fund. He said, "No one would want to put transactions on a chain that everyone can track, but we want to try." No formal bill has been submitted yet.Once implemented, the plan will be based on the blockchain platform already launched by the Philippine Department of Budget and Management (DBM), which has taken the lead in Asia by putting some financial documents on-chain. The platform is technically supported by the local blockchain infrastructure company BayaniChain, whose CEO Paul Soliman pointed out that while blockchain is not a "magic bullet" against corruption, it can enhance accountability through immutable records. The existing DBM system utilizes the Polygon PoS network as a layer for transparency and consensus, allowing relevant budget documents such as Special Allotment Release Orders (SARO) and Notices of Cash Allocation (NCA) to be publicly verified.