[Philippine Blockchain Budget Bill Sparks Controversy, Risks of Centralization and Data Control Under Scrutiny]
The Philippine Senate is currently reviewing Senate Bill 1330, also known as the 'National Budget Blockchain Act,' which aims to use blockchain technology to track and make government budget transactions public, with an initial allocation of approximately $8.6 million. The bill was proposed in response to President Marcos' anti-corruption efforts regarding irregularities in the $9.2 billion public works budget. However, legal experts, including former Solicitor General Florin Hilbay and Geronimo Law attorneys, have warned that the proposal may limit transparency due to issues of blockchain centralization and private contractors' control over data, potentially leading to risks of 'vendor lock-in.' The Philippine Fintech Lawyers Association has recommended that the government retain data ownership and adopt open-source technology to ensure data portability and system flexibility.