The Philippine Chamber of Commerce and Industry (PCCI) has publicly endorsed a major government digital initiative, stating it could significantly improve the country's investment climate. The business group believes the Department of Information and Communications Technology's (DICT) new blockchain-powered budget management system will enhance transparency and accountability in public finance.
A Milestone for Governance Reforms
In an official statement released on Friday, January 16, 2025, the PCCI welcomed the launch of the system, which the DICT internally calls the Digital Bayanihan Chain. The chamber described the rollout as a substantial milestone in the ongoing effort to reform governance practices within the Philippine government.
PCCI President Ferdinand Perry Ferrer connected the launch to a prior commitment from DICT Secretary Henry Aguda. Ferrer recalled that at the 51st Philippine Business Conference the previous year, Secretary Aguda had laid out plans for a transparency portal designed to strengthen oversight of how public funds are spent. "This initiative shows that commitment is now being realized," Ferrer stated.
Blockchain as a Tool for Trust and Security
The core of the new system is its use of blockchain technology. Ferrer explained that this provides a critical additional layer of security by creating a verifiable and tamper-resistant audit trail for all budget transactions. This feature is central to the initiative's goal of rebuilding public trust.
"This is a clear signal that the Philippines is serious about restoring public trust and strengthening investor confidence," Ferrer emphasized. He noted that for global capital, transparency and predictability in fiscal management are among the most important considerations when choosing investment destinations.
Positioning the Philippines for Global Investment
The PCCI's analysis suggests that embedding blockchain technology directly into national fiscal processes can yield tangible benefits. The group believes it could help reduce the perceived country risk associated with the Philippines and instead position the nation as a more stable, modern, and trustworthy destination for foreign and domestic capital.
Ferrer framed the project as more than just a technical upgrade. "This is not just a technological upgrade; it is a governance reform that supports a trust-by-design approach in managing public funds," he said. To ensure the system's success, the PCCI president affirmed the business sector's readiness to collaborate with the government and other relevant stakeholders.
The chamber's strong support underscores the private sector's view that technological innovation in governance is directly linked to economic competitiveness and growth.
