FIFTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
, 
SENATE 
Senate Bill No. 670 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
EXPLANATORY NOTE 
This bill seeks to establish a system that will allow government agencies 
and offices involved in the formulation of economic policies, namely the National 
Economic Development Authority (NEDA), Bangko Sentral ng Pilipinas (BSP) 
and the Committees on Economic Affairs of the Senate and the House of 
Representatives, to convene quarterly and assess the impact of policy initiatives 
on economic, financial and social indicators. NEDA, through the National 
Statistical Coordination Board (NSCB), releases updates on the National Income 
Accounts on a quarterly basis. Alternatively, BSP, as the central monetary 
authority of the country, also prepares data and conducts economic research for 
the guidance of the Monetary Board in the formulation and implementation of its 
policies. 
These statistics are an important input to both the private sector and 
government because these are used as basis for the formulation of business 
decisions and policy directions. Hence, more than a mere presentation of the 
performance of the economy, the fundamental objective of the "Economic 
Coordination Act" is to provide a framework for policy formulation by government 
to attain economic sustainability. 
Under the proposed "Economic Coordination Act," NEDA and BSP will 
report to the Joint Economic Committee, at the end of every quarter, the basic 
state of the economy and relate this to the objectives, plans, and goals set forth 
by the Development Budget Coordination Committee (DBCC), the General 
Appropriations Act, and other developmental plans of the government. These 
presentations are expected to consist of statistics and the economic impact of 
policy decisions on these indicators. 
By providing a coordinated feedback mechanism on a periodic basis, it is 
expected that government will be better able to address economic issues and set 
achievable targets that are well-supported by data and research. 
In view of the foregoing, approval of this bill is earnestly requested. 
Senator 


FIFTEENTH CONGRESS OF THE REPUBLIC) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
SENATE 
670 
Senate Bill No. --"'-'--' 
INTRODUCED BY SEN. JINGGOY EJERCITO ESTRADA 
AN ACT 
ENHANCING ECONOMIC COORDINATION, ADOPTING THE APPROPRIATE 
MECHANISM THEREOF, AND FOR OTHER PURPOSES 
Be it enacted by the Senate and the House of Representatives of the Philippines 
in Congress assembled: 
. SECTION 1. Title. - This Act shall be known as the "Economic 
Coordination Act of 2010". 
SEC. 2. Declaration of Policy. -
The State recognizes that the 
formulation of policies and goals to attain sustainable economic benefits with real 
productivity growth, a balanced budget, improved trade balance and prudent 
monetary policy should be developed with the President as head of the National 
Economic and Development Authority (NEDA), the Bangko Sentral ng Pilipinas 
(RSP) Governor as the head of the Monetary Board, as well as Congress 
through the Committees on Economic Affairs of the Senate and the House of 
Representatives 
SEC. 3. Reportorial Requirements. - In furtherance of the purposes of 
this Act, the Governor of the BSP and the Director-General of NEDA shall submit 
and present to Congress at the end of every quarter written reports on economic 
and financial developments on the part of the BSP and the National Income 
Accounts on the part of the NEDA. These reports shall set forth: 
(a) A review and analysis of recent developments affecting trends in the 
economy, specifically actual and growth targets of the Gross National Product 
(GNP) and the Gross Domestic Product (GDP); 
(b) The objectives and plans of the BSP/Monetary Board, and NEDA with 
respect to the ranges of changes in the monetary and credit aggregates during 
the quarter, taking account of past and prospective developments in 
employment, unemployment, production, investment, real income, productivity, 
international trade and payments, and prices; 
(c) The relationship of the aforesaid objectives and plans to the goals set 
forth in the current General Appropriations Act or the proposed budget, the most 
recent Report on Economic and Financial Developments by the BSP and Report 
on the National Income Accounts by the NEDA and the National Statistical 
Coordination Board (NSCB); 
(d) A statement of its objectives and plans with respect to the ranges of 
growth or diminution of the monetary and credit aggregates; 


(e) A report on the fiscal position of the public sector including the national 
government, real and nominal aggregate output, employment as well as the 
consumer price index for the current calendar year; and 
(f) Other reports as may be determined by the Joint Economic Committee 
of both Houses. 
SEC. 4. Joint Economic Committee. - There shall be a Joint Economic 
Committee (JEC) composed of the Members of the Committees on Economic 
Affairs in the Senate and the House of Representatives. The JEC shall be co-
chaired by the Chairpersons of the Committees on Economic Affairs of both 
Houses of Congress. 
SEC. 5. Secretariat. - The Secretariat of both the economic committees in 
the Senate and the House of Representatives shall act as the secretariat staff of 
the JEC. 
SEC. 6. Mode of Compliance. - The reports required under Section 3 of 
this Act shall be submitted to the JEC immediately after release or publication by 
the concerned agencies. 
SEC. 7. Congressional Testimony. - Upon the receipt of such reports as 
provided for in Section 6 of this Act, the aforesaid JEC shall hear the testimony 
and presentation of the Director-General of the NEDA and the Governor of the 
BSP, as the case may be, on the merits of their respective quarterly reports: 
Provided, That in the event Congress is in recess upon the release and 
submission of the reports, the schedule of the JEC meeting for such reports shall 
be made immediately upon the resumption of session or on the date as may be 
determined by the JEC. 
SEC. 8. Separability Clause. - If any of the provisions of this Act is 
declared invalid by a competent court, the remainder of this Act or any provision 
not affected by such declaration of invalidity shall remain in full force and effect. 
SEC. 9. Repealing Clause. - All laws, decrees, ordinances, rules and 
regulations, executive or administrative orders, and such other presidential 
issuances inconsistent with any of the provisions of this Act are hereby repealed, 
amended or otherwise modified accordingly. 
SEC. 10. Effectivity Clause. - This Act shall take effect after fifteen (15) 
days following its publication in at least two (2) newspapers of national or general 
circulation. 
Approved,