Support for Senator Bam Aquino’s National Budget Blockchain System
Award-winning actor John Arcilla, recognized for his role as General Antonio Luna in the film Heneral Luna, has expressed his backing for Senator Bam Aquino’s initiative to implement a National Budget Blockchain System. Arcilla emphasized that this initiative would greatly benefit the Filipino populace. Recently, Senator Aquino introduced Senate Bill No. 1330, which aims to create a blockchain system for national budgeting. This proposed legislation is designed to enable real-time public oversight of government expenditures, thereby enhancing transparency, accountability, and fostering trust in the management of public funds.
Arcilla Highlights the Public Benefit
In a post on Facebook, Arcilla remarked, “Ang panukalang ito ay hindi si Senator Bam Aquino ang makikinabang kundi ang Mamamayang Pilipino. Mabuhay po kayo Senator.” (This proposal will not benefit Senator Bam Aquino, but the Filipino people. Long live, Senator.) He stressed earlier that the integration of blockchain technology into governmental budgeting processes would guarantee clear visibility and responsibility regarding the utilization of public finances. He explained, “Sa blockchain kapag naupload na ang budget para sa isang proyekto at sino ang mag-rereceive ng budget at assign sa project pwedeng ma-trace ng public at hindi na pwede baguhin pa. Walang lusot ang mandadaya. Malinaw ang transparency. Ang opisyal na hindi papayag dito at ayaw nito ay gustong mangupit.” (In blockchain, once the budget for a project and the designated recipient are uploaded, the public can trace it, and it can no longer be altered. There’s no escape for anyone trying to cheat. Transparency is clear. Any official who refuses this system likely has intentions to steal.)
Call to Action Against Corruption
John also urged fellow Filipinos to familiarize themselves with, support, and disseminate information regarding the proposal as a means to combat corruption in the nation. Another prominent actor, Edu Manzano, has joined in supporting Senator Bam’s initiative, describing it as a revolutionary move towards eradicating governmental corruption. “This is huge. We will become the first country in the world to adopt blockchain in the name of transparency if this becomes law,” Edu stated on Facebook. “This may just be the silver bullet we need to eliminate corruption once and for all. Maraming tututol dito not only because mawawalan na ng kita ang mga korap, but many still don’t understand the technology,” he added. (Many will oppose this, not only because corrupt individuals will lose their illicit income, but also because many still don’t understand the technology.)
Understanding Blockchain Technology
Edu explained that blockchain technology functions similarly to a digital ledger or notebook that cannot be modified or erased once entries are made. “Every payment, down to the contractor buying cement, is recorded. Citizens, journalists, or auditors can trace the flow of money step by step, like tracking a package delivery,” he elaborated. With blockchain, there will be a single report accessible to government agencies, watchdogs, and the public, all of which will be updated in real-time. “Blockchain can even use ‘smart contracts,’ meaning money is only released when conditions are met. For example, if a contractor hasn’t finished 50% of the school building, the next payment won’t be released automatically. This prevents ghost projects and overbilling,” Edu asserted.
Implementation Plans for the Blockchain System
If this legislation is passed, the Department of Information and Communications Technology (DICT), in collaboration with the Department of Budget and Management and the Commission on Audit, will work to create a blockchain-based budgeting system. This system will ensure that all national budget records are maintained as digital public assets (DPAs), facilitating a more transparent and accountable financial management process.
