Senator Bam Aquino is urging the House of Representatives to pass the Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act, a proposed measure that would use blockchain technology to track government spending and combat corruption.
In a public statement released during the current tax filing season, Aquino highlighted the public’s demand for transparency amid ongoing economic challenges, particularly the rising costs of fuel.
“While we are in the middle of a crisis caused by the high prices of diesel and gasoline, many Filipinos cannot help but wonder: where do the taxes we work hard to pay actually go?” Aquino stated in Filipino.
Tracking the Budget via Blockchain
Originally called “Blockchain the Budget Bill,” the CADENA Act aims to create a public, tamper-proof ledger of national expenditures. According to Aquino, the integration of blockchain technology would allow citizens to track every peso from the moment it is collected as tax to its final allocation in specific government projects.
He emphasized that making this financial data open and easily accessible will strengthen government accountability, deter corrupt practices, and gradually restore public trust.
Counterpart Bills in the Lower House
The proposed legislation has already secured approval on its third and final reading in the Senate. The focus now shifts to the House of Representatives, where several counterpart measures have been filed to expedite its passage into law. (Read More: List of Blockchain and Bitcoin Bills Filed in the Philippines)
Notably, Mamamayang Liberal Party-list Representative Leila de Lima filed House Bill No. 6898, which fully adopts the provisions of the Senate-approved CADENA Act. By mirroring the Senate version, De Lima’s bill aims to bypass the need for a bicameral conference committee to reconcile differing provisions, allowing the measure to be sent directly to the President for a signature once approved by the House.
Other similar tech-transparency measures are also pending in the lower chamber, including House Bill No. 6761, filed by Negros Occidental Rep. Javier Miguel Benitez. The push for these bills gained momentum after President Ferdinand Marcos Jr.’s urging to make them a priority.
Aquino called on lawmakers in the lower chamber to give their full support to the transparency initiative, noting that the ultimate goal of taxation is proper allocation rather than just revenue generation.
“In the end, it is not just a question of how much is collected, but whether it goes to the right place and if it has a real impact on the daily lives of every Filipino,” Aquino added.
This article is published on BitPinas: Senator Bam Aquino Urges House to Pass ‘Blockchain the Budget’ (Cadena) Bill for Govt Transparency
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