Philippines plans to launch a blockchain-based budgeting system, legal experts warn of risks

Jinse Finance reported that the Philippine Senate is currently reviewing Bill No. 1330, which was proposed by Senator Paolo Benigno "Bam" Aquino IV at the end of August. The bill plans to invest approximately $8.6 million to record the national budget on-chain, aiming to improve government spending transparency and curb corruption. This move comes amid strong public concern over alleged irregularities in infrastructure projects worth about $9.2 billion. However, several legal experts have expressed concerns. Former Philippine Solicitor General Florin Hilbay warned that simply using blockchain technology does not automatically promote transparency or prevent corruption; instead, it may be reduced to a "marketing tool." Technology law expert Russell Geronimo pointed out that the issue does not lie in the lack of an immutable ledger, but rather in the weak mechanisms for procurement oversight, auditing, and whistleblower protection. The Philippine Fintech Lawyers Association also cautioned that private entities controlling blockchain infrastructure could lead to the de facto privatization of public data. They recommended that the government retain ownership and control over budget data and adopt open-source protocols to prevent vendor lock-in and monopolies.