Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.
📬 Get the biggest crypto stories in the Philippines and Southeast Asia every week — subscribe to the BitPinas Newsletter.
The Senate has approved on second reading the Citizens Access and Disclosure of Expenditures for National Accountability (CADENA) Act, a measure seeking to utilize the best technology (currently blockchain) to enforce transparency in government spending.
Senator Bam Aquino, the principal author of Senate Bill No. 1506, announced that the chamber approved the bill “without objection” (walang tutol) following the period of amendments.
The approval means the bill moves closer to becoming law.
Mandatory Public Ledger
Under the CADENA Act, all government agencies will be mandated to release critical budget-related documents ranging from contracts to specific project costs onto a Digital Budget Platform. (Read more: Just In: Sen. Bam Aquino’s ‘Blockchain Bill’ Rebrands to ‘CADENA’: Targets 2026 Phase 1 Rollout)
Aquino emphasized that this platform will be open to the public, easily auditable, and designed to be tamper-proof (“hindi basta-basta kayang manipulahin”) to ensure that public funds are properly monitored and allocated correctly. (Read more: CADENA Act to Enable AI Assistants Like ChatGPT in Government Budget Queries)
This mechanism aligns with the bill’s original moniker, “Blockchain the Budget,” as it seeks to create an immutable ledger for government transactions.
Executive Backing and Senate Support
The legislative milestone comes just days after President Ferdinand Marcos Jr. urged Congress to prioritize the measure. Aquino acknowledged that the bill’s inclusion in Malacañang’s priority list was a significant factor in accelerating its progress.
The bill garnered broad bipartisan support in the upper chamber. Aquino thanked his colleagues who contributed amendments and expressed their intent to be co-authors, including Senate President Tito Sotto and Senators Migz Zubiri, Rodante Marcoleta, Pia Cayetano, Kiko Pangilinan, JV Ejercito, Robin Padilla, Raffy Tulfo, Win Gatchalian, Erwin Tulfo, Jinggoy Estrada, Joel Villanueva, and Bong Go.
With the second reading concluded, the bill is now poised for its third and final reading before being transmitted to the House of Representatives or harmonized for the President’s signature.
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: Senate Approves CADENA or ‘Blockchain the Budget’ Bill on 2nd Reading
What else is happening in Crypto Philippines and beyond?
Other Articles
This 100TB encrypted cloud storage lifetime subscription is now 90% off
“You Have 10 Years” Michael Saylor’s Smart Move in The Middle East
No Comment! Be the first one.