SEVENTEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES 
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Fir si Regular Session 
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*17 MAY 30 P5:09
SENATE
Senate Bill No. 1483
In Substitution of Senate Bill No. 837
REC£iVli>d,:
Prepared and submitted by the C ommittees on Eeonomie Affairs and Finanee with 
Senators Recto and (iatchalian as autiiors thereof
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 BIANNUALLY BEFORE A JOIN 1 SESSION 
OF CONGRESS TO REPORT ON THE STATUS AND DIRECHONS 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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S ection 1. Short Title. -  This Act shall be known as the “Fiscal and Monetary Report 
Act of 201 r .
S ec. 2. Declaration of Policy.-\i 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 significance of fiscal and monetary 
policies as factors affecting the development directions of the country.
S ec. 3. Appearance before Congress. - The Secretaries of the Department 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) shall appear 
biannually before a joint session of Congress to be attended by the Committees on 
Appropriations, Ways and Means, Economic Affairs, and Banks and Financial Intermediaries of 
the House of Representatives, and the Committees on Finance, Ways and Means, Eeonomie 
Affairs, and Banl.s, Financial Institutions and Currencies of the Senate, on or before the last 
Tuesday of March and September of each year, to report on the status and directions of the fiscal 
and monetary policies of the government, economic developments and prospects for the future, 
taking into account past and prospective developments in employment, unemployment, 
production, investment, real income, productivity, exchange rates, international trade and 
payments, and prices.
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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 Borrowings;
iv. 
National Government Revenues;
V. 
National Government Financing Program and Outstanding
Debt; and
vi. 
Other infonnation that may be requested by the Committees 
specified in Section 3;
(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
2. Net Primary Income
3. Gross Domestic Product and its components
ii. 
Labor Market
1. Unemployment
2. 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:
i. Status of Expenditure Program;
ii. 
Status of Disbursement;
iii. 
Statement of Appropriations, Allotments, Obligations and 
Balances; and
iv. 
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 speeified in Seetion 3, covering aggregate data on the following;
i. 
Monetary aggregates and their components;
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ii. 
Purchases and sales of foreign exchange and of the international 
reserves of the Bangko Sentral;
iii. 
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;
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 Bangko Sentral or of the 
financial system; and
viii. 
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.
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. Effectivity. -  This Act shall take effect fifteen (15) days after its publication in the 
Official Gazette or in at least two (2) newspapers of general circulation.
Approved,
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