Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City
17% CONGRESS
Second Regular Session

House Bill yo. 8478

Introduced by Representative Wes Gatchalian

EXPLANATORY NOTE

Fundamentally the power of the purse is with congress for the simple fact that
government merely holds public funds in trust for the people. These are the people's
money and members of the congress are their representatives. Flowing from this
premise. the people necessarily also has the right to demand information as t how
their money is being used and how every penny is being spent. This proposed
measure gives life to these principles by manda annual report of the economic
managers of the president to the congress.

Under the proposed measure the following shall be presented:
(a) The Secretary of the DOF shall submit @ written report to the Committees
specitied in Section 3. a discussion of the conduct of fiscal policy which shall include,
but not limited to, the following:
i. Consolidated Public Sector F
|. National Government Debt Service Expenditures;
iii, Foreign and Domestic Borrowings:
iv. National Government Revenues:
v. National Governm and Outstanding Debt:
(b) The Seeretary of the NEDA shall submit written reports to the Committees
speciied in Section 3, regarding developments and prospects in the macroeconomy
and labor market which shall include the follow
i. Macroeconomy
1. Gross National Income
2. Net Primary Income
3. Gross Domestic Produ
ii, Labor Market
1, Unemployment

ial Position;

and its components

2. Youth Unemployment
3. Underemployment

4. Underemployment in Areas Outside of NCR (AONCR)
(e) Th y of the DBM shall submit a written report to the Committees
specitied in Section 3 on the followi
i. National Budge
ii, Status of Expenditure Pros
iii, Status of Disbursemen
iv. Statement of Appropriations, Allotments. Obligations and Balances:



(d) The Governor of the Bangko Sentral shall submit a written report to the
Committees as specified in Section 3, covering aggregate data on the following:
i, Monetary aggregates and their components;
ii, Purchases and sales of foreign exchange and of the international reserves of
the Bangko Sentral:
Balance of payments of the Philippines:
iv. Indices of consumer prices and of import and export
v. Volume and value of exports and imports:
vi. Financial status of the 2 ry
Vii, Major legal and administrative measures adopted by the Government and
the Monetary year which relate to the functions or operations
of the Bangko Sentral or of the financial system;

1m addition to the lofty ideals of transpareney and accountability, a pragmatic
reason for this proposal is that it allows congress to re-adjust its policy direction based
on the information provided by the country’s economic managers. It allows congr
to mitigate potential crisis and nip it in the bud. And it makes congress a more pro-
active institution in bringing about a government that is truly committed to positive
change

Representative

First District, Valeyzuela City



Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City
17% CONGRESS
Second Regular Session

6478

House Bill No.

Introduced by Representative Wes Gatchalian

AN ACT
IE SECRETARIES OF THE DEPARTMENT OF FINAN!
°ONOMIC AND DEVELOPMENT AUTHORITY, AND
BUDGET AND MANAGEMENT, AND THE GOVERNOR
HE BANGKO SENTRAL NG PILIPINAS, TO APPEAR BIANNUALLY
BEFORE A JOINT CONGRESSIONAL OVERSIGHT COMMITTEE TO
REPORT ON THE STATUS AND DIRECTIONS OF THE FISCAL AND
MONETARY POLICIES OF THE STATE

MANDATING

NATIONAL F
DEPARTMENT
i)

Be it enacted by the Senate and House of Representatives of the Philippines in
Congress assembled:

SECTION 1. Short Title, This Act shall be known as the"
Report Act of 2017”

‘al and Monetary

SEC. 2, Declaration of Policy. ~ It is hereby declared the policy of the State to submit
to full public disclosure all its transactions involving public interest, as provided for
under Article II. Section 28 of the 1987 Constitution. and recognize the signi
of fiscal and monetary policies as factors affecting the development directions of the
country

SEC. 3. Appea
(DOF). Natio
Budget and Mana
Pilipi
Committ

nice betore Congress, ~ The Seeretaries of the Department of Fit
Economie and Development Authority (NEDA), Department of
gement (DBM), and the Governor of the Bangko Sentra
(BSP) shall appear biannually before a Joint Congressional Oversight

on Fiscal and Monetary Policies to be composed of the following: the
Chairperson of the Committee on Economie Affairs as Chair, and the Chairpersons of
the Committees on Finance, Ways and Means, and Banks, Financial Institutions and
Currencies as members from the Senate: the Chairperson of the Committee on
Economie A(fairs as Co-chair. and the Chairpersons of the Commitiees on
Appropriations. Ways and Means, and Banks and Financial Intermediaries as
members from the House of Representatives: and one (1) member
Senate
last Tn

ach from the
enting the minority, on or before the
ay of March and September of cach year, to report on the status and
directions of the fiscal und monetary policies of the government, economic
developments and prospects for the future, taking into account past and prospective

nd the House of Representatives repr



developments in employment, unemployment, production, investment, real income,
productivity. exchange rates, international trade and payments, and prices.

SEC. 4. Reports. —
(a) The Secretary of the DOF shall submit a written report to the Committees
specified in Section 3, a discussion of the conduct of fiscal policy which shall include,
but not limited to, the following:
i. Consolidated Public Sector Financial Position:
ii, National Government Debt Service Expenditures;
iii, Foreign and Domestic Borrow
iv, National Government Revenues:
v. National Government Financing Program and Outstan
vi. Other information that may be requested by the Comn
(b) The Secretary of the NEDA shall submit written reports to the Committees
specified in Section 3, regarding developments and prospects in the macroeconomy
and labor market which shall include the following:
i, Macroeconomy

1. Gross National Income

Net Primary Income
. Gross Domestie Product and its components
i. Labor Market
. Unemployment

Youth Unemployment
3. Underemployment
4. Underemployment in Areas Outside of NCR (AONCR)
iii, Other information that may be requested by the Committees specified in Section 3:
(c) The Secretary of the DBM shall submit a written report to the Committees
specified in Section 3 on the following: a
i. National Budget;
status of Expenditure Program;
iii. Status of Disbursement;
iv. Statement of Appropriations, Allotments, Obligations and Balances; and
. Other information that may be requested by the Committees specified in Section 3:
(d) The Governor of the Bangko Sentral shall submit a written report to the
Committees as specified in Section 3. covering aggregate data on the following:
i. Monetary aggregates and their components:
ii, Purchases and sales of foreign exchange and of the international reserves of the
Bangko Sentral:

Balance of payments of the Philippines:

iv. Indices of consumer prices and of import and export prices:
v. Volume and value of exports and imports:
vi. Financial status of the Bangko Sentral and the banking industry;
vil. Major legal and administrative measures adopted by the Governme:
Monetary Board during the year which relate to the func
Bangko Sentral or of the financial system: and
ii, Other related information that may be requested by the Committees specified in

Section 3 on matters pertaining to the monetary policies of the government and/or the
economic development of the country

1g Debt; and
(ees specified in Section 3:

and the
or operations of the



SEC. 5. 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. 6. Implementing Rules and Regulations. — The DOF, NEDA, DBM, and BSP
shall. individually or jointly, promulgate their respective implementing rules and
regulations and other issuances as may be necessary to ensure the effective
implementation of this Act within sixty (60) days from its effectivity.

SEC. 7. Separability Clause, ~ If any provision of this Act shall be held
unconstitutional. the remainder of the Act not otherwise affected shall remain in full
force and effect

SEC. 8. Repealing Clause. — All existing laws, presidential decrees, executive orders,
proclamations or administrative regulations that are inconsistent with the provisions
Of this Act are hereby amended, modified, superseded, or repealed accordingly.

SEC. 9. Efe
in the Official Ge

Approved