m
EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
)
S E N A T E
S. No. 
476
, 
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'19 
JUL 15 
A10-.40
RECEI'wGDB..
Introduced by Senator Ralph G. Recto
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
The volatile nature of the global economy demands prompt and decisive actions 
from the fiscal managers of the government. In this regard, the fiscal and monetary 
policies of the government are subjected to periodic changes, in accordance with the 
prevailing economic climate.
The fiscal and monetary policies of the country have a great bearing on the 
state and direction of the country's economy as these policies directly relate to the 
government's goals for employment and economic development, among other factors. 
For instance, the state policy on the valuation of the Peso directly affects the 
borrowings, savings and expenditures of the government. Equally affected are the 
operations of the private sector, particularly those in the export and business process 
outsourcing industries which impacts on employment and foreign exchange reserves.
There is also a great need to closely monitor the accumulating public debt. Not 
fully included in the debt picture are contingent liabilities arising from sovereign loans 
or guaranteed obligations in PPP projects, and those embedded in various joint 
ventures. There is a need to have a reliable running estimate on how much these 
costs, otherwise we may be blindsided.
Currently, the Department of Finance (DOF), the National Economic and 
Development Authority (NEDA), the Department of Budget and Management (DBM), 
and the Bangko Sentral ng Pilipinas (BSP) report to Congress as part of the 
Development Budget Coordination 
Committee (DBCC) during the 
legislative


deliberation of the annual government budget. However, their respective reports are 
usually limited to the inputs required for the budget analysis. Hence, Congressional 
oversight of government fiscal management has been limited at the expense of fiscal 
discipline and accountability.
This bill provides for a transparency measure for the fiscal, monetary and 
economic agencies of the government by requiring their heads to appear before both 
houses of Congress semi-annually, to report on the state and the directions of the 
fiscal and monetary policies of the government. It also requires these agencies to 
submit a written report to 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, Economic Affairs, 
and Banks, Financial Institutions and Currencies of the Senate, which shall include a 
discussion of the formulation and implementation of their respective policies. The 
reports submitted to Congress shall also be made available to the public by means of 
downloadable copies in their respective official websites.
Hence, the immediate approval of this bill is earnestly sought.
/ejcv


EIGHTEENTH CONGRESS OF THE) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
a 
Oi.
S E N A T E
476
- i9 fli£p of li!* 1 1:
'
I
 I ”
T9 
JUL15 
A10-41
S. No.
Introduced by Senator Ralph G. Recto
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 o f Representatives o f the Philippines in 
Congress assembled:
1 
Section 1. Short Title. -  This Act shall be known as the "Fiscal and Monetary
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Report A ct.
3 
Sec. 2. Declaration o f Policy. -  It is hereby declared the policy of the State to
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subm it to full public disclosure all its transactions involving public interest, as provided
5 
for under Section 28, Article II of the 1987 Constitution; and recognize the significance
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of fiscal and monetary policies as factors affecting the development directions of the
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country.
8 
Sec. 3. Appearance before Congress. -T h e  Secretaries of the Department of
9 
Finance (DOF), National Economic and Development Authority (NEDA), Department
10 
of Budget and Management (DBM), and the Governor of the Bangko Sentral ng
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Pilipinas (BSP) shall appear before the Committees on Appropriations, Ways and
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Means, Economic Affairs, and Banks and Financial Intermediaries of the House of
13 
Representatives, and the Committees on Finance, Ways and Means, Economic Affairs,
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and Banks, Financial Institutions and Currencies of the Senate, on or before the last
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Tuesday of March and September of each year, to report on the status and directions
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of the fiscal and monetary policies of the government, economic developments and
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prospects for the future, taking into account past and prospective developments in
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employment, unemployment, production, investment, real income, productivity,
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exchange rates, debt, international trade and payments, and prices.
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Sec. 4. Reports. -
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(a) The Secretary of DOF shall submit to the Committees specified in
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Section 3 of this Act a written report, on the conduct of fiscal policy,
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which shall include, but shall not be limited to the following:
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i. 
Consolidated Public Sector Financial Position;
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ii. 
National Government Debt Service Expenditures;
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iii. 
Foreign and Domestic Borrowings;
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iv. 
National Government Revenues;
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V. 
National 
Government 
Financing 
Program 
and
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Outstanding Debt, and;
13 
vi. 
Other information that may be 
requested by the
14 
Committees specified in Section 3 of this Act.
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(b)The Secretary of the NEDA shall submit to the Committees specified
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in Section 3 of this Act written reports regarding developments and
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prospects in the macroeconomy and labor market which shall
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include, but shall not be limited to the following:
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i. 
Gross Domestic Product and its components;
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ii. 
Labor and Employment;
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iii. 
Poverty statistics;
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iv. 
Family Income and Expenditure; and
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V. 
Other information that may be 
requested by the
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Committees specified in Section 3 of this Act.
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(c) The Secretary of the DBM shall submit to the Committees specified
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in Section 3 of this Act a written report, which shall include, but shall
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not be limited to the following:
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i. 
Status of Expenditure Program;
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ii. 
Status of Disbursement;
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iii. 
Debt Service Expenditures;


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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 Committees specified in 
Section 3 of this Act a written report, which shall include, but shall 
not be limited to the following:
i. 
Monetary aggregates and their components;
ii. 
Purchases and sales of foreign exchange and of the 
international reserves of the Bangko Sentral;
Hi. 
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. 
Accounts of the Bangko Sentral and of other banks;
vii. 
Government receipts and expenditures and on the 
status of the public debt, both domestic and foreign;
viii. 
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
ix. 
Other related information that may be requested by the 
Committees specified in Section 3 of this Act.
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. 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. 7. Repealing Clause. -  All existing laws, presidential decrees, executive 
orders, proclamations or administrative regulations that are inconsistent with the


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provisions of this Act are hereby amended, modified, superseded, or repealed 
accordingly.
Sec. 8. 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,