The Philippine Senate is reviewing a bill to implement blockchain for budget tracking, with a focus on transparency, despite concerns about centralization and privacy risks.
The Philippine Senate is considering Senate Bill 1330 to utilize blockchain technology for tracking the national budget, initially allocating $8.6 million. This proposal follows concerns from President Marcos regarding $9.2 billion in irregular public works expenditures. Legal experts have raised concerns about the risks of centralized control and private contractor dominance, with the Philippine Fintech Lawyers Association recommending government ownership of data and open-source solutions to mitigate these risks.