NINETEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
of the ferta-tflip
*22 NOV 29 P5:18
SENATE
S. No. 1572
RKCEIV.DBV
Introduced by SENATOR RAMON BONG REVILLA, JR.
AN ACT
MANDATING THE SECRETARIES OF THE DEPARTMENT OF FINANCE, 
NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY, AND DEPARTMENT 
OF BUDGET AND MANAGEMENT, AND THE GOVERNOR OF THE BANGKO 
SENTRAL NG PILIPINAS, TO APPEAR SEMI-ANNUALLY BEFORE CONGRESS 
TO REPORT ON THE STATUS AND DIRECTIONS OF THE FISCAL AND 
MONETARY POLICIES OF THE STATE
EXPLANATORY NOTE
Article II Section 19 of the 1987 Constitution states that, "The State shall 
develop a self-reliant and independent national economy efficiently controlled by 
Filipinos." Further, Section 28 of the same Article provides that, "Subject to reasonable 
conditions prescribed by law, the State adopts and implements a policy of full 
disclosure of all its transactions involving public interest."
The goal towards an independent, robust, and transparent economic 
governance can only be achieved if all the stakeholders are actively participating in its 
achievement. The government, being at the forefront of such endeavor, should 
always be abreast with the relevant information and recommended actions needed for 
its attainment. The public, who are the prime movers of the economy, should have 
access to such information and actions to guide and empower them in doing their 
share for the economy.
In this aspect, the Legislative Branch of the government is mandated to enact 
laws that will improve our economy. Appropriate and responsive legislation is best 
achieved when factual and updated data, prospects, targets and plans are provided 
as bases for such pieces of legislation.


Currently, the Department of Finance (DOF), the National Economic and 
Development Authority (NEDA), the Department of Budget and Management (DBM), 
and the Bangko Sentral ng Pilipinas (BSP), as members of the Development Budget 
Coordinating Council (DBCC), reports to Congress every year in relation to the 
deliberations on the General Appropriations bill. However, given the vast coverage 
and rapid developments in the economy, more frequent coordination among the 
members of the executive and legislative department of the government is necessary.
This bill mandates the heads of the DOF, NEDA, DBM, and BSP to appear twice 
a year before the Joint Congressional Oversight Committee to report on the status and 
directions of the fiscal and monetary policies of the state, enumerating in particular 
the basic data that they should present. Through such coordination, policies and laws 
will be aligned towards a united path, making governance more efficient and effective.
In this light, the immediate passage of this bill is highly recommended.
RAMON BONG REVILLA, JR


NINETEENTH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
First Regular Session 
)
(©flir? of f!lP S: ■; rfni'p
*22 NOV 29 P5:18
SENATE
Irr >*1 o
RECEI'. OBv CrP
Introduced by SENATOR RAMON BONG REVILLA, JR.
AN ACT
MANDATING THE SECRETARIES OF THE DEPARTMENT OF FINANCE, 
NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY, AND DEPARTMENT 
OF BUDGET AND MANAGEMENT, AND THE GOVERNOR OF THE BANGKO 
SENTRAL NG PILIPINAS, TO APPEAR SEMI-ANNUALLY BEFORE CONGRESS 
TO REPORT ON THE STATUS AND DIRECTIONS OF THE FISCAL AND 
MONETARY POLICIES OF THE STATE
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
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Section 1. Short Title. - This Act shall be known as the "Fiscal and Monetary
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Report Act'.
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Sec. 2. Declaration of Policy. — It is hereby declared the policy of the State to
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submit to full public disclosure, subject to reasonable conditions prescribed by law, all
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its transactions involving public interest, as provided for under Section 28, Article II of
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the 1987 Philippine Constitution, and recognize the significance of fiscal and monetary
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policies as factors affecting the development directions of the country.
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Sec. 3. Appearance before Congress. — The Secretaries of the Department of
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Finance (DOF), National Economic and Development Authority (NEDA), Department
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of Budget and Management (DBM), and the Governor of the Bangko Sentral ng
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Pilipinas (BSP), or their designated representatives, shall appear before the House of
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Representatives and the Senate biannually, on or before the last Tuesday of May and
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during the Development Budget Coordination Committee (DBCC) Budget Briefing each
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year to report on the status and directions of the fiscal and monetary policies of the


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government, economic developments, prospects for the future, and other related data
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taking into account past and prospective developments in employment,
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unemployment, production, investment, real income, productivity, exchange rates,
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debt, international trade and payments, and prices.
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Sec. 4. Reports. -
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(a) The Secretary of DOF shall submit to the House of Representatives and the
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Senate a written report, which may be in digital format and may be
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submitted electronically, on the conduct of fiscal policy, which shall include,
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but shall not be limited to the following;
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i. Consolidated Public Sector Financial Position;
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ii. 
National Government Debt Service Expenditures;
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iii. 
Foreign and Domestic Borrowings;
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iv. 
National Government Revenues;
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V. 
National Government Financing Program and Outstanding Debt;
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vi. 
Fiscal obligations and contingent liabilities, including, but not limited
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to:
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1. Summary of payment obligations and contingent liabilities
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arising from Public-Private Partnership (PPP) contracts
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entered into by agencies authorized under Republic Act
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No. 6957, as amended by Republic Act No. 7718, the
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revised NEDA Joint Venture Guidelines, the Special
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Charters and/or Joint Venture Guidelines of GOCCs, and
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local PPP Ordinances. All agencies implementing the
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foregoing contracts are hereby directed to submit a copy
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of the said contracts and a quarterly report on the status
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of payment obligations and contingent liabilities arising
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from each contract to the DOF and to the PPP Center;
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2. Loans contracted and liabilities incurred by the GOCCs or
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by GFIs which were guaranteed by the National
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Government;
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3. Guarantee programs implemented by GOCCs and GFIs;


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4. 
GFI-guaranteed private loans which were subsequently 
transferred to and assumed by the National Government 
by virtue of Proclamation No. 50, Administrative Order No. 
64 s. 1998, and other similar statutes or issuances;
5. 
Government insurance programs;
6. 
Other potential losses arising from indemnities, pending 
litigation, and other circumstances relating to claims and 
assessments in respect of breach of contract, damages to 
persons and property, and similar items; and,
vii. Other information that may be requested by the Committees 
specified in Section 3 of this Act.
(b) The Secretary of NEDA shall submit to the House of Representatives and 
the Senate a written report, which may be in digital format and may be 
submitted electronically, regarding developments and prospects in the 
macroeconomy and labor market which shall include, but shall not be limited 
to the following:
i. 
Macroeconomy
1. 
Gross National Income
2. 
Net Primary Income
3. 
Gross Domestic Product
ii. 
Labor and Employment
1. 
Unemployment
2. 
Youth Unemployment
3. 
Underemployment
iii. 
Poverty statistics; and
iv. 
Other information that may be requested by the Committees 
specified in Section 3 of this Act.
(c) The Secretary of the DBM shall submit to the House of Representatives and 
the Senate a written report, which may be in digital format and may be 
submitted electronically, which shall include, but shall not be limited to the 
following:
i. Status of Expenditure Program;


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ii. 
Status of Disbursement;
iii. 
Debt Service Expenditures;
iv. 
Outstanding Domestic and Foreign Debt from Regular and Assumed 
Liabilities of the National Government; and,
V. Other information that may be requested by the Committees 
specified in Section 3 of this Act.
(d)The Governor of the BSP shall submit to the House of Representatives and 
the Senate a written report, which may be in digital format and may be 
submitted electronically, which shall include, but shall not be limited to the 
following:
Monetary aggregates and their components;
Balance of payments of the Philippines;
Headline and Core Inflation Rates; 
iv. Volume and value of exports and imports;
V. Financial Condition of the BSP and the Philippine banking system;
vi. 
Government receipts and expenditures and on the status of the 
public debt, both domestic and foreign;
vii. 
Major legal and administrative measures adopted by the Government 
and the Monetary Board during the year which relate to the functions 
or operations of the BSP or the financial system; and,
viii. 
Other related information that may be requested by the Committees 
specified in Section 3 of this Act.
Sec. 5. Full Disclosure and Cooperation. - All relevant government agencies 
are hereby directed to cooperate and submit to the DOF, NEDA, DBM, and BSP, as 
may be applicable, all necessary documents for the abovementioned agencies to 
comply with their obligations under this Act.
Sec. 6. Public Access to Information. — The DOF, NEDA, DBM, and BSP shall 
make available copies of the reports submitted to Congress in their official websites 
within seven (7) working days following the submission of their respective reports.
Sec. 7. Violations and Persons Liable. — Any person who performs or cause the 
performance of the following acts shall be liable:


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(a) Failure of head of the agency or his/her duly authorized representative
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to appear before the Congress as required under Sec±ion 3 of this Act;
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(b) Failure of the head of the agency to submit the necessary reports as
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required under Section 4 and 6 of this Act;
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(c) Failure of the head of the agency to submit the necessary documents
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under Section 5 of this Act;
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(d) Failure of the head of the agencies mentioned under Section 4(a)(vi)(l)
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to submit a copy of PPP contracts and a quarterly report on the status
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of obligations and contingent liabilities arising from each PPP contract to
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the DOF and to the PPP Center;
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(e) Failure of the head of the agency to make available copies of the reports
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submitted to Congress in their official websites within seven (7) working
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days following the submission of their respective reports as required
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under Section 6 of this Act.
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Sec. 8. Penalties and Liabilities. - Any violation of the preceding sections shall
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warrant the following penalties and liabilities:
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(a) First Offense: Administrative liability within six (6) months suspension.
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(b) Second Offense: Administrative liability and criminal liability of dismissal
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from service, perpetual disqualification from holding public office and
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forfeiture of retirement benefits and imprisonment of one (1) year to six
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(6) years with a fine of not less than Five hundred thousand pesos
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(P500,000.00) but not more than Two million pesos (P2,000,000.00).
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The liability of the public officer or employee or former public officer or
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employee for the failure to comply with the provisions under this Act shall survive the
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retirement of said public officer or employee.
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Sec. 9. Implementing Rules and Regulations (IRR). - Within ninety (90) days
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from the effectivity of this Act, the DOF, NEDA, DBM, and BSP, in consultation with
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other relevant government agencies, shall promulgate the rules and regulations to
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effectively implement the provisions of this Act.
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Sec. 10. Separability Clause. - If any provision or part hereof is held invalid or
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unconstitutional, the remainder of the law or the provision or part not otherwise
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affected shall remain valid and subsisting.


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Sec. 11. Repealing Clause. — Any law, presidential decree or issuance,
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executive order, letter of instruction, administrative order, rule, or regulation contrary
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to or inconsistent with the provisions of this Act are hereby repealed, modified, or
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amended accordingly.
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Sec. 12. Effectivity. - This Act shall take effect fifteen (15) days after its
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complete publication either in the Official Gazette ox in at least two (2) newspapers of
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general circulation in the Philippines.
Approved,