Philippines to Put Government Budget on Polygon Blockchain
Senate Bill 1330, introduced by Senator Bam Aquino IV, proposes placing the Philippines’ entire government budget on a public blockchain. The proposal aims to boost budget transparency and curb corruption by allowing citizens to track every peso in real time on a government budget blockchain. If approved, the Philippines would become the first country to record its full national budget on-chain.
The plan builds on the Department of Budget and Management’s Polygon zkEVM platform launched in July 2024 with BayaniChain and Prismo. The system publishes key budget documents, such as Special Allotment Release Orders and Notices of Cash Allocation, as immutable NFTs. Department of Information and Communications Technology Secretary Henry Aguda also backs the bill. He points to existing blockchain use in finance and to the DICT’s own eGOVchain web3 system.
DICT has expanded web3 initiatives with YGG Pilipinas, hosting Metaverse Filipino Worker Caravan events to promote blockchain skills. Traders should watch for increased demand for MATIC and a shift in market sentiment. Government adoption of a public blockchain could be bullish for the Polygon network and set a new standard in cryptofiscal transparency.
Bullish
Government adoption of a public blockchain for full budget transparency signals strong institutional support for Polygon’s ecosystem. In the short term, news of Senate Bill 1330 and backing from DICT is likely to drive speculative interest in MATIC as traders anticipate increased network usage and token demand. Over the longer term, successful implementation could establish a model for national on-chain finance, reinforcing Polygon’s position in the market, attracting more projects, and sustaining demand for its token.