THIRTEENTH CONGRESS OF THE 
) 
REPUBLIC OF THE PHILIPPINES 
) 
Third . Regular Session 
) 
S E N  A T  E 
INTRODUCED BY HONORABLE MAR ROXAS 
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 fox 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, 


THIRTEENTH CONGRESS OF THE 
1 
REPUBLIC OF THE PHILIPPINES 
) 
Third Regular Session 
1 
S E N A T E  
INTRODUCED BY HONORABLE MAR ROXAS 
AN ACT 
ENHANCING ECONOMIC COORDINATION, ADOPTING THE APPROPRIATE 
MECHANISM THEREFORE AND FOR OTHER PURPOSES 
SECTION 1. Tide. -This Act shall be known as the “Economic Coordination Act of 
2006.” 
SEC.2. Declaration of Poljcy. -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 (BSP) Governor as the head of the Monetary Board, as well as 
Congress through the Committees on Economic Affairs of the House of Representatives and 
the Senate. 
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 NEDA. 
These reports shall set forth: 
a) A review and analysis of recent developments affecting vends 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 BSPiMonetary 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 afovesaid 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 Tncome Accounts by the NEDA and the National 
Statistical Coordination h a r d  (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 
Congresses. 
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 
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 House 
of Representatives and Senate 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. Separabiliy 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, ordinsnces, 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. Effecrivity 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,