In a shocking move for the Philippine Web3 industry, President Ferdinand “Bongbong” Marcos Jr. has appointed Henry Rhoel Aguda as the new Secretary of the Department of Information and Communications Technology (DICT). This announcement comes after the resignation of former DICT Secretary Ivan John Uy earlier this month. 

Aguda, being the former CEO of UnionDigital Bank and a founding member of the Blockchain Council of the Philippines, is expected to bring a wealth of experience from the finance, technology, and cryptocurrency space! 

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What is the DICT?

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The Department of Information and Communications Technology (DICT) is the primary government agency responsible for ICT policies, cybersecurity, and digital transformation in the Philippines. Established in 2016, DICT oversees programs related to internet accessibility, e-governance, and data security.

DICT also plays a significant role in promoting blockchain technology in the country. It hopes to make cryptocurrencies more safe and accessible by promoting education, cybersecurity, and regulatory collaboration. The agency has also worked with other prominent players in Web3 like the Blockchain Council of the Philippines (BCP), fintech startups like CEZA (Cagayan Economic Zone Authority), and international organizations like the NEM Foundation. Specific programs they’ve tackled include a “Blockchain 101” workshop for the government, explored the use of blockchain for government transactions, and pushed for more Web3 friendly regulations while also training developers.

Who is Henry Rhoel Aguda?

Henry Rhoel Aguda is a seasoned technology leader, banking executive, and blockchain advocate. He holds a degree in Mathematics from the University of the Philippines (UP) Diliman and a Juris Doctor degree from UP Law (cum laude). Aguda also attended the Wharton School of the University of Pennsylvania for a Strategic Alliance Program and is currently pursuing a master’s degree in Applied Business Economics at the University of Asia and the Pacific.

Before his recent appointment as DICT Secretary, he held multiple leadership roles in major financial and tech institutions.

Past Leadership Roles:

• President and CEO of UnionDigital Bank 
• Chairman of City Savings Bank and UBX Philippines 
• Director of BancNet, Metaverse Ventures, and Philippine Clearing House Corp.
• Chief Technology Officer at Globe Telecom, Government Service Insurance System (GSIS), and Digitel.
• Assistant Vice President at Bayantel Communication Holdings 

Beyond banking and technology, Aguda is also a founding member of the Blockchain Council of the Philippines. The Blockchain Council of the Philippines (BCP) is an industry-led organization dedicated to promoting blockchain adoption across various sectors in the Philippines, including government, finance, healthcare, supply chain, and education. It serves as a bridge between the blockchain industry and policymakers, working closely with government agencies like the DICT, Bangko Sentral ng Pilipinas (BSP), and Securities and Exchange Commission (SEC) to develop clear regulatory frameworks for Web3. 

As the BCP’s Director for Public Policy & Government Relations, Aguda advocated for blockchain integration in everyday life. Furthermore, Aguda was even previously the Digital Infrastructure Lead at the Private Sector Advisory Council (PSAC). Here, Aguda worked to increase collaboration between the private and public sectors. 

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What This Means for the Philippines

Many Philippine crypto enthusiasts see Aguda’s recent appointment as a step in the right direction for the agency. Aguda’s wide range of experience in banking, blockchain, and financial technology (fintech) could bring major changes to the country. 

Here are some potential impacts:

1. Stronger Blockchain Adoption in Government

• Potential implementation of blockchain for e-governance such as through digital IDs, voting systems, and public records.
• Increased government transparency and efficiency by using blockchain for fraud-proof documentation.
• Enhanced cybersecurity measures to protect sensitive government and citizen data. This could reduce the amount of data leaks from government institutions. 

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2. Better Regulations for Crypto and Web3

• Closer collaboration between DICT, BSP, SEC, and CEZA to refine crypto and blockchain policies.
• More support for crypto exchanges, blockchain startups, and DeFi platforms under clear legal guidelines.
• Stronger consumer protection measures against crypto-related fraud and scams.

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3. Financial Inclusion and Digital Banking Growth

• Expansion of blockchain-based financial services for the unbanked and underbanked population.
• More secure and transparent digital banking solutions, benefiting fintech and payment providers.
• Potential integration of blockchain in remittances, making transactions faster and cheaper for OFWs.

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4. Strengthened Public-Private Partnerships

• Increased collaboration between DICT, private tech firms, and blockchain organizations like BCP.
• More blockchain training programs for developers, businesses, and government employees.
• A friendlier environment for global blockchain companies to set up operations in the Philippines.

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Whether or not Aguda is the best person for the job, his recent appointment shows one thing–blockchain adoption is coming and Filipinos need to be ready. Gone are the days where crypto is so small that one couldn’t buy anything with it. As world nations slowly adopt crypto, it helps to keep an eye on what’s happening locally so as to not get left behind. Many look forward to seeing if Aguda’s leadership will continue to push the Philippines to a more free and decentralized Web3.

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