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SIXTEENTH CONGRESS 
REPUBLIC OF THE PHILIPPINES 
First Regular Session 
SENATE 
S. B. NO. 2.130 
In~roduced by Senator Joseph Victor G. Ejercito 
AN ACT 
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'14 
FEB 19 P5 :50 
REQUIRING THE SECRETARY OF FINANCE AND THE GOVERNOR OF 
THE BANGKO SENTRAL NG PILIPINAS TO APPEAR BEFORE CONGRESS 
QUARTERLY TO REPORT ON THE STATUS AND DIRECTIONS OF THE 
FISCAL AND MONETARY POLICIES OF THE STATE 
EXPLANATORY NOTE 
Article II, Section 28 of the Constitution provide "Subject to 
reasonable conditions prescribe by law, the State adopts and implements a 
policy of full public disclosure of all its transactions involving public 
interest." Pursuant to constitutional provision, government agencies such as 
the Department of Finance and the Bangko Sentral ng Pilipinas must act 
with transparency of its functions. 
In the light of the foregoing the propo~ed bill requires the Secretary of 
Finance and 'the Governor of the Bangko Sentral ng Pilipinas, as fiscal 
managers of the government, to appear periodically before Congress to 
report on the status and directions of the fiscal and monetary policies of the 
State. At present, the only time that DOF and SSP report to Congress is 
during the legislative deliberation of the annual national budget but their 
reports are limited to the inputs requi,red for the budget analysis. 
This bill, in effect, provides for an accountability measure for both 
DOF and SSP, by requiring the heads of both organizations to appear before 
Congress semi-annually, to report on the state and the directions for the 
fiscal and monetary policies of the government. This measure mandates that 
the Secretary of DOF and the Governor of SSP shall appear before the 
Committees on Appropriations, Ways and Means, Economic Affairs, and 
Sanks and Financial Intermediaries of the House of Representatives on or 
before the 2nd Tuesday of March and September, and the Committees on 
Finance, Ways and Means, Economic Affairs, and Banks, Financial 
Institutions and Currencies of the Senate on or Before the 4th of march and 
September to report on the country's fiscal and monetary policies. 
The bill also provides that the DOF and the BSP shall submit a 
written report to the said Committees, which shall include a discussion of 
the conduct of their respective policy. Finally,. the DOF and BSP reports 


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submitted to Congress shall also be made available to the public by means 
of downloadable copies in their respective official websites. 
Furthermore, this bill aims to uphold the objectives of the 
International Monetary Fund in order to achieve good governance by 
complying with their developed Code of Good Practices on Transparency in 
Monetary and Financial Policies which is premised on four board principles 
as follows: 1) Clarity of roles, responsibilities and objectives; 2) Open process 
for formulating and ,reporting policy decisions; 3) Public availability on 
information policies; and 4) Accountability and assurances of integrity. 
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In view of the foregoing, the early passage of this bill is earnestly 
requested. 
, 
JOSEPH VICTOR G. EJERCITO 
Senator 


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j,elwtp 
(~flj;r, or 1!!.,~Nr,br~ 
SIXTEENTH CONGRESS 
REPUBLIC OF THE PHILIPPINES 
First Regular Session 
, 
'14 
FEB 19 P5 :50 
SENATE 
2130 
s. B. NO. _._ 
Introduced by Senator Joseph Victor G. Ejercito 
AN ACT 
REQUIRING THE SECRETARY OF FINANCE AND THE GOVERNOR OF 
THE BANGKO.SENTRAL NG PILIPINAS TO APPEAR BEFORE CONGRESS 
QUARTERLY 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: 
SECTION 1. Short Title. - This Act shall be known as the "Fiscal and 
Monetary Policies Disclosure Act of 20 14." 
SEC. 2. Declaration of Policy. -
It is hereby declared the policy of 
the State to submit to full public disclosure all its transactions involving 
public interest and recognize the significance of fiscal and monetary policies 
as factors affecting the development directions of the country. Toward this 
end, the fiscal managers of the government, the Secretary of Finance and 
the Governor of the Bangko Sentral ng Pilipinas (BSP), shall be required to 
periodically appear before Congress to re-assess and review the fiscal and 
monetary policies of the government. 
SEC. 3 .. Appearance before Congress. - The Secretary of Finance and 
the Governor of BSP shall appear before the Committees on Appropriations, 
Ways and Means, Economic Affairs, and Banks and Financial Intermediaries 
of the House of Representatives three (3) days after the end of each quarter, 
and; 
before the Committees on Finance, Ways and Means, Economic 
Affairs, and Banks, Financial Institutions and Currencies of the Senate five 
(5) 
days 
after the end of each quarter to report on the status and 
directions of the fiscal and monetary policies of the government, economic 
development 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 Finance shall submit a written report to 
the Committees mentioned specified in Section 3, containing a 
detailed discussion of the conduct of fiscal policy, which shall include, 
but shall not be limited to the following: 
i. 
Consolidated Public Sector Financial Positions; 
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 information that may be requested by the 
Committees specified in Section (3) 
(b) 
The Governor of the BSP .shall submit a written report to 
the Committees as specified in Section 3, 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; 
(iii) 
Balance of pa)1Ilents 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 Banko Sentral and 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 Central or the Financial system, and: 
(ix) 
Other information that may be requested by the 
Committees specified in Section (3). 
SEC. 5. Public access to information. - The Department of Finance 
. and Bangko Sentral rig Pilipinas shall make available copies of the reports 
submitted to Congress in their official websites for a reasonable period 
immediately following the submission of the reports. 
SEC. 6. Separability Clause. - If any provisions 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 laws, presidential decrees, executive 
orders, proclamations or administrative regulations that are inconsistent 


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with the provisions of this Act are hereby amended, modified, superseded, or 
repealed accordingly. 
SEC. 8. Effectivity. - This Act shall take effect after fifteen (15) days 
after its publication in the Official Gazette or in at least two (2) newspapers 
of general circulation. 
Approved,