The American Chamber of Commerce of the Philippines (AmCham) believes that the proposed legislation aimed at making government spending more transparent is a vital measure to reinforce investor confidence in the country.

AmCham said greater public access to budget information is a critical step in strengthening trust in the government following corruption allegations swirling around multiple agencies and institutions.

The chamber said the proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act, authored by Senator Bam Aquino, is a measure that could affirm that the country is finally heading in the right direction.”

“This measure will help to strengthen investor confidence, unlock greater economic opportunities and attract more investment,” AmCham said in a statement.

The proposed CADENA Act, otherwise known as the Blockchain the Budget Bill, seeks to establish a digital budget portal allowing the public to access comprehensive information involving the spending of public funds.

The bill aims to bring greater transparency in budget planning and preparation, legislation and authorization, procurement, budget execution, and fund management, among others.

Aquino, the bill’s principal author, said last month that there is no justifiable basis to conceal documents that detail how public funds are used.

“There's no valid reason for them to keep that secret,” he told reporters.

The proposed CADENA Act, embodied under Senate Bill No. 1506, was approved on second reading on Dec. 10.

The potential enactment of this measure could be right around the corner after it was identified by President Ferdinand “Bongbong” Marcos Jr. as one of the four measures that Congress should give “priority” to.

Steve Winkates, Arangkada Project Director at AmCham Philippines, said Marcos’ nod to the bill is an “encouraging signal that transparency is being taken seriously.”

“We look forward to working with the government on this and other important reforms,” he said.

For a number of years now, AmCham has consistently supported reforms that strengthen transparency and accountability in governance, including the proposed Freedom of Information Act, ease of doing business reforms, amendments to the Bank Secrecy Act, and stronger oversight of public institutions.

The chamber said these reforms are essential to creating a business environment that is fair, predictable, and conducive to sustained growth.

“[AmCham] remains committed to being an active partner in advancing good governance by advocating for these reforms, fostering dialogue between the public and private sectors, and encouraging greater transparency,” it said.