NINETEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
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oftiK
*22 JUL18 A 9 31
SENATE
670
S. No.
RECEIVED Qi’:
Introduced by SENATOR JINGGOY E3ERCITO ESTRADA
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
Just as accurate diagnosis and complete details of the patient's medical history 
are needed in determining the best treatment for any disease, we believe that the 
same principle holds true in facilitating the recovery and vitality of the national 
economy that was gravely hurt by the global Coronavirus pandemic.
This bill seeks to ensure the availability of detailed data sets and comprehensive 
information to serve as basis for any course of action or policy. This measure proposes 
a more coordinated response of the government in steering the rehabilitation and 
Inclusive growth of the national economy through full disclosure and regular reporting 
of macroeconomic data, social development indicators, financial standing, and fiscal 
policies, among others.
Specifically, the Secretaries of the Depaitment of Finance (DOF), National 
Economic and Development Authority (NEDA), Department of Budget and 
Management (DBM), and the Governor of the Bangko Sentral ng Pilipinas (BSP), or 
their designated representatives, will be required to appear before the House of 
Representatives and the Senate biannually to report on the status and directions of 
the fiscal and monetary policies of the government.


Included in this measure is the public access to the "state of health" of the 
economy to allow the general public, including experts and interest groups, to 
scrutinize and analyze such sets of information, and assist and contribute in the 
formulation of necessary policies and strategies. It intends to harness and strengthen 
the principles of democracy, of Bayanihan spirit and whole-of-nation approach towards 
the achievement of our economic targets and our development goals.
We also envision this as a guide for the legislators and all other stakeholders 
to be in sync with the economic managers in the executive branch to produce a more 
deliberate and harmonized set of measures that seek to cure the persistent ills of our 
society. This bill was reported out by the Senate Committee on Economic Affairs during 
the Eighteenth Congress.
In this light, the passage of this bill is highly recommended.
OY EJERCITO ESTRADA


NINETEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
SENATE
670
72 JUL18 ft 9 31
received BY;
S. No.
Introduced by SENATOR JINGGOY EJERCITO ESTRADA
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 theFiscal 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 blannualiy, 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


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


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H£i/heFi^olyaiittoized-fepf€seRtat:iv^ 
te-appear-bcfore the GQn§fe5s-as-fequiFed-aRdeF-S€et-f0R--3-ef-#^te-T^
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tmdeF-Se<^dn-5-ef4bi5--A€t;
of abligatlofis and contingent-tiabf^i^fe^es arising from-each-PPP eontraet to 
the DOF and to the PPP- Genter-f 
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See. %: Penaltie5-and Liabifittes.—Any-vieiation -of- tbe--fifeccding-5e€t40nS"Sball
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Sec. 7. Implementing Rules and Regulations. ~ Within ninety (90) days from 
the effectivity of this Act, the DOF, NEDA, DBM, and BSP, in consultation with other 
relevant government agencies, shall promulgate the rules and regulations to 
effectively implement the provisions of this Act.
Sec. 8. Separability Clause. - If any provision or part hereof is held invalid or 
unconstitutional, the remainder of the law or the provision or part not otherwise 
affected shall remain valid and subsisting.


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Sec. 9. Repealing Clause. - Any lawA presidential decree or issuance, executive
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order, letter of instruction, administrative order, rule, or regulation contrary to or
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inconsistent with the provisions of this Act are hereby repealed, modified, or amended
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accordingly.
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Sec. 10. Effectivity. - This Act shall take effect fifteen (15) days after its
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publication in the Official Gazette or in a newspaper of general circulation.
Approved,