DICT's Aguda optimistic in use of blockchain in ensuring budget transparency

Department of Information and Communications Technology (DICT) Secretary Henry Aguda is optimistic with the use of blockchain in ensuring transparency in the national budget.

During a press briefing on Tuesday, Aguda said the use of blockchain in the Philippines is ''very feasible,'' adding that there are already experts in this field in the country.

''Marami na po tayong kakayahan in the Philippines to do this and marami po tayong dalubhasa on blockchain,'' Aguda said.

(Our country is skilled to do this and we have a lot of experts on blockchain.)

''So, very feasible siya. In fact, ang isa sa mga assignment ko ngayon is to provide minimum viable product for a prototype and show it to the Senate and Congress para makita nila na feasible nga siya bago natin italon doon sa actual execution,'' he added.

(So, it's very feasible and one of my assignments is to provide a minimum viable product for a prototype and show it to the Senate and Congress so they can see that it's feasible before the actual execution.)

President Ferdinand ''Bongbong'' Marcos Jr. had said that blockchain is something that could possibly work in ensuring transparency of the national budget.

EXPLAINER: What is blockchain and how is it expected to stop corruption?

Some lawmakers are pushing to place the country's budget documents on a blockchain, a digital ledger that is designed to serve as a tamper-proof record of all transactions.

Last month, Senator Bam Aquino filed Senate Bill 1330 or the proposed Philippine National Budget Blockchain Act.

For his part, Negros Occidental 3rd District Representative Javi Benitez filed House Bill 4380, a counterpart measure in the lower chamber, mirroring Aquino's proposed measure.

Both proposed laws seek to modernize budget transparency and accountability through the use of blockchain technology, making it publicly available, accessible, and easy to understand as well as open for citizen engagement.

If passed into law, Aguda said some industries and the private sector are willing to fund the platform. — Anna Felicia Bajo/RSJ, GMA Integrated News