Philippines Government Plans Blockchain Adoption for Budget Processes
The Philippine government plans to implement blockchain technology in its budget processes by early 2024 to enhance transparency and combat corruption, following a significant flood control scam. The CADENA bill will establish a permanent digital record for public funds, allowing for public tracking of state expenditures, with the complete system expected to be operational by 2027. Additionally, UAE-based G42 aims to invest up to $500 million in the Philippines, potentially positioning the country as a regional data center hub.
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The Philippine government will adopt blockchain technology in budget processes by early 2024 to prevent corruption, following a major flood control scam. DICT Secretary Henry Aguda stated that a permanent digital record will be created for public funds.
The CADENA bill aims to enable public tracking of state expenditures through a secure ledger. By 2027, the complete blockchain system is expected to be operational, covering all budget stages. The transition is anticipated to align with the 2026 national budget.
A consortium including DICT, Commission on Audit, and Department of Budget and Management will monitor state projects. Additionally, G42 from the UAE plans to invest $300 million to $500 million in the Philippines over three to five years, potentially making it a regional data center hub.
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