Bam Aquino pushes CADENA Act to combat corruption with blockchain technology

Senator Paolo Benigno "Bam" Aquino IV is pushing for the Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act to combat government corruption.

Aquino highlighted that the Philippines faces fundamental struggles in areas such as infrastructure, mobility, housing, jobs, food, and education, proposing the use of blockchain technology for national transactions to deter corruption.

The Management Association of the Philippines (MAP), concerned about economic slowdown due to corruption, supports the CADENA Act's goals of promoting budget transparency and preventing misuse of funds.

MAP president Alfredo Panlilio stated that blockchain and digital platforms can help detect irregularities by making government transaction records visible and tamper-evident.

The CADENA Act, if passed, would require the full disclosure of all government transaction documents through a secure and tamper-proof digital public ledger system to enable citizens to track public fund usage.

Aquino believes that embracing technology is crucial for the next generation to address both current fundamentals and future growth opportunities.