THE Philippine Chamber of Commerce and Industry (PCCI) said the Department of Information and Communications Technology’s (DICT) rollout of a blockchain-powered budget management system could help strengthen investor confidence by improving transparency and accountability in public finance.
In a statement on Friday, Jan. 16, 2025, the PCCI welcomed the launch of the system, which the DICT has internally dubbed the Digital Bayanihan Chain, describing it as a milestone in governance reforms.
PCCI president Ferdinand Perry Ferrer said the initiative delivers on the commitment made by DICT Secretary Henry Aguda to develop a transparency portal that would improve oversight of government spending.
“At the PCCI’s 51st Philippine Business Conference last year, Secretary Aguda outlined plans to strengthen accountability through a transparency portal. This initiative shows that commitment is now being realized,” Ferrer said.
He added that the use of blockchain technology provides an additional layer of security by creating a verifiable and tamper-resistant audit trail for budget transactions.
“This is a clear signal that the Philippines is serious about restoring public trust and strengthening investor confidence,” Ferrer said, noting that transparency and predictability are key considerations for global capital flows.
The business group said embedding blockchain in fiscal processes could help reduce perceived country risk and position the Philippines as a more stable and modern destination for investment.
“This is not just a technological upgrade; it is a governance reform that supports a trust-by-design approach in managing public funds,” Ferrer said, adding that the PCCI is prepared to work with government and other stakeholders to ensure the initiative’s success. (KOC)