CADENA Act to boost investor confidence

MANILA, Philippines — A group of American and Filipino businesses has welcomed the prioritization of the measure seeking to establish a digital budget portal for all government transactions, saying this could drive more investments into the Philippines.

The American Chamber of Commerce of the Philippines (AmCham) said the proposed Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act would send an “encouraging signal” to investors.

At a time when corruption concerns weigh heavily on investor confidence, AmCham Philippines noted that the bill would show that the country is taking significant steps to strengthen accountability in the government.

“Greater public access to budget information is a critical step in strengthening trust in public institutions,” Steve Winkates, Arangkada project director at AmCham Philippines, said.

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

Proposed by Sen. Bam Aquino, CADENA Act or Senate Bill 1506 is among the four priority bills tagged by President Marcos during a recent Legislative-Executive Development Advisory Council meeting.

If enacted into law, Aquino has said the CADENA Act will allow the public to monitor how the government spends taxpayers’ money in a bid to fight corruption.

“Laying bare the expenses down to the prices of materials – that is the level of transparency we are looking for, and that is also our strongest weapon against corruption in our country,” Aquino said in a statement last month.

“It is the right of every Filipino to know where the taxpayers’ money is being used. So if we are serious about fighting corruption, let us start with the simplest solution: show the public where their hard-earned money goes,” Aquino added.