Philippines Turns to Blockchain to Combat Budget Corruption
The Philippines, battling corruption alongside natural disasters like typhoons and floods, is adopting blockchain technology to boost budget transparency and combat misappropriation. Recent flooding, exacerbated by systemic corruption, has led to investigations and the establishment of the Independent Commission for Infrastructure (ICI).
The Department of Budget and Management (DBM), under the National Government, has started implementing blockchain in its budget release systems, accessible publicly via blockchain.dbm.gov.ph. Meanwhile, the Department of Public Works and Highways (DPWH) has launched the 'Integrity Chain' project, using blockchain to track projects from budget release to completion.
Art Samaniego Jr. warns that while blockchain promises transparency, honesty, and security, it cannot guarantee the honesty of records. He cautions that it could serve as political cover if not properly monitored. However, the potential benefits have sparked interest in the legislature. House Representatives Benitez and Poe-Llamanzares have proposed House Bills 4380 and 4489, respectively, advocating for blockchain use in national budget transparency. The Senate has also introduced Senate Bill 1330, the Philippine National Budget Blockchain Act, aiming to make the national budget transparent and recorded in real-time using blockchain.
Despite potential challenges, the Philippine government is exploring blockchain technology to enhance budget transparency and combat corruption. With ongoing investigations and proposed legislation, the future of blockchain in Philippine budget management appears promising.
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