EIGHTEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
Second Regular Session 
)
SENATE
FILED
March
DATE
£N£>bX
COMMITTEE REPORT No. 205
Submitted jointly by the Committees on Economic Affairs; and Finance on March 15, 2021 
RE: Senate Bill No. 2105
Recommending Its approval in substitution of Senate Bill Nos. 432, 476 and 477 
Sponsor: Senator Imee Marcos
MR. PRESIDENT:
The Committees on Economic Affairs; and Finance, to which were referred 
Senate Bill No. 432, introduced by Senator Ramon Bong Revilla, Jr., entitled:
"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 
JOINT CONGRESSIONAL OVERSIGHT COMMITTEE 
TO REPORT ON THE STATUS AND DIRECTIONS OF 
THE FISCAL AND MONETARY POLICIES OF THE 
STATE"


Senate Bill No. 476, introduced by Senator Ralph Recto, entitled:
"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"
and Senate Bill No. 477, Introduced by Senator Ralph Recto, entitled:
"AN ACT
MANDATING THE ANNUAL PUBLIC DISCLOSURE OF 
ALL CONTINGENT LIABILITIES INCURRED BY ALL 
NATIONAL GOVERNMENT AGENCIES, LOCAL 
GOVERNMENT UNITS, GOVERNMENT-OWNED OR - 
CONTROLLED CORPORATIONS, GOVERNMENT 
FINANCIAL INSTITUTIONS, AND OTHER 
GOVERNMENT INSTRUMENTALITIES"
have considered the same and have the honor to report it back to the Senate with the 
recommendation that the attached Senate Bill No. 21QS- prepared by the 
Committees, entitled:


"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 approved substitution of Senate Biil Nos. 432, 476, and 477 with Senator Reviiia, 
Senator Recto, and Senator Marcos as authors thereof.


Respectfully submitted:
Chairpersons
Penalties too strict
SENATOR SONNY ANGARA
Committee on Finance 
Vice-Chairperson, Committee on 
Economic Affairs
SENATOR IMEE MARCOS
Committee on Economic Affairs 
Vice-Chairperson, Committee on 
Finance
Vice-Chairpers
SENATOR PIA S.fAYETANO
Committee on Finance 
Member, Committee on Economic Affairs
WIN GATCHALIAN
Committee on Economic Affairs 
Committee on Finance
SENATOR CYNTHIA A. VILLAR
Committee on Finance
SENATOR PANFILO M. LACSON
Committee on Finance
SENATORS
Commil
VILLANUEVA
on Finance


SENATORRICHARD 3. GORDON
Committee on Finance
SENATOR CHRISTOPHER "BONG" GO
Committee on Finance
SENATOR
Committee on Finance 
Member, Committee on Economic Affairs
Ha^ ntiitydftcije.’
SENATOR GRACE POE
Committee on Finance
MEMBERS
SENATORTMARIA LOURDES 
NANCY S. BINAY
Committee on Finance
SENATORMAlNU^ "LITO"^. LAPl
Committee on Economic Affairs 
Committee on Finance
SENATOR RONALD "BATO" DELA 
ROSA
ComrnittFF'QP-'ftnSnce
gPMAT^p FMi4AWllEL^ANNY" 
D. PACQUIAO
Committee on Finance
SENATOR; RAMON BONG REVILLA JR.
Committee on Economic Affairs 
Committee on Finance
SENATOR FRANCIS "TOL" N. 
TOLENTINO
Committee on Economic Affairs 
Committee on Finance


SENATOR RISA HONTIVEROS
Committee on Finance 
Member, Committee on Economic Affairs
SENATOR GRACE POE
Committee on Finance
MEMBERS
SENATOR MARIA LOURDES 
NANCY S.BINAY
Committee on Finance
SENATOR MANUEL "LITO" M. 
LAPID
Committee on Economic Affairs 
Committee on Finance
SENATOR RONALD "BATO" DELA SENATOR RAMON BONG REVILLA 
ROSA 
JR.
Committee on Finance 
Committee on Economic Affairs
Committee on Finance
SENATOR EMMANUEL "MANNY" 
D. PACQUIAO
Committee on Finance
SENATOR AQUILINO "KOKOf 
PIMENTEL III
Committee on Finance
SENATOR FRANCIS "TOL" N. 
TOLENTINO
Committee on Economic Affairs 
Committee on Finance
SENATOR F( 
PAN(
Committee on 
Committee on
"KIKO"
N
ic Affairs 
ance


SENATOR AQUILINO "KOKO" ENATOR FRANCIS "KIKO" PANGILINAN 
PIMENTEL III 
Committee on Economic Affairs
Committee on Finance 
Committee on Finance
SENATOR LEILA M. DE LI
Committee on Finance
Ex Officio Members
LPH G. RECTO
SENATO
President Pro Tempore
SENATOR;
Majority Leader
IGUEL F. ZUBIRI
SENATOR FRANKLIN M. DRILON
Minority Leader
SENATOR VICENTE SOTTO III
Senate President


EIGHTEENTH CONGRESS
)
REPUBLIC OF THE PHILIPPINES )
Second Regular Session
)
SENATE
S. No. 2105 
(In substitution of S. B. Nos. 432, 476, and
FILED
March
TH.iE¥NDEX
Prepared by the Committees on Economic Affairs; and Finance 
with Senators Reviiia, Recto and Marcos as authors 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 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 of Representatives of the Republic of the 
Philippines in Congress assembled:
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Section 1. Short Title. - This Act shall be known as the "Fiscal and Monetary
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Report Act".
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Sec. 2. Declaration of Policy. - It is hereby declared the policy of the State to
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submit to full public disclosure, subject to reasonable conditions prescribed by law,
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all its transactions involving public interest, as provided for under Section 28, Article
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II of the 1987 Philippine Constitution, and recognize the significance of fiscal and
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monetary policies as factors affecting the development directions of the country.
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Sec. 3. Appearance before Congress. - The Secretaries of the Department of
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Finance (DOF), National Economic and Development Authority (NEDA), Department
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of Budget and Management (DBM), and the Governor of the Bangko Sentral ng
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Pilipinas (BSP), or their designated representatives, shall appear before the House of
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Representatives and the Senate biannually, on or before the last Tuesday of May and
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during the Development Budget Coordination Committee (DBCC) Budget Briefing
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each year to report on the status and directions of the fiscal and monetary policies of


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the government, economic developments, prospects for the future, and other related 
data taking Into account past and prospective developments in employment, 
unemployment, production, investment, real income, productivity, exchange rates, 
debt, international trade and payments, and prices.
Sec. 4. Reports. -
(a) The Secretary of DOF shall submit to the House of Representatives 
and the Senate a written report, which may be in digital format 
and may be submitted electronically, on the conduct of fiscal 
policy, which shall include, but shall not be 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;
vi. Fiscal obligations and contingent liabilities, including, but 
not limited to:
1. Summary of payment obligations and contingent 
liabilities arising from Public-Private Partnership 
(PPP) contracts entered into by agencies authorized 
under Republic Act No. 6957, as amended by 
Republic Act No. 7718, the revised NEDA Joint 
Venture Guidelines, the Special Charters and/or 
Joint Venture Guidelines of GOCCs, and local PPP 
Ordinances. All agencies implementing the 
foregoing contracts are hereby directed to submit a 
copy of the said contracts and a quarterly report on 
the status of payment obligations and contingent 
liabilities arising from each contract to the DOF and 
to the PPP Center.;


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2. Loans contracted and liabilities incurred by GOCCs 
or by GHs which were guaranteed by the National 
Government;
3. Guarantee programs Implemented by GOCCs and 
GFIs;
4. GFI-guaranteed private loans which were 
subsequently transferred to and assumed by the 
National Government by virtue of Proclamation No.
50, Administrative Order No. 64 s.1988, and other 
similar statutes or Issuances;
5. Government Insurance programs;
6. Other potential losses arising from Indemnities, 
pending litigation, and other circumstances relating 
to claims and assessments in respect of breach of 
contract, damages to persons and property, and 
similar items; and
vii. Other information that may be requested by the
Committees specified in Section 3 of this Act.
(b) The Secretary of the NEDA shall submit to the House of 
Representatives and the Senate a written report, which may be in 
digital format and may be submitted electronically, regarding 
developments and prospects in the macroeconomy and labor 
market which shall include, but shall not be limited to the following:
i. 
Macroeconomy
1. Gross National Income
2. Net Primary Income
3. Gross Domestic Product
ii. 
Labor and Empioyment;
1. Unemployment
2. Youth Unemployment
3. Underemployment


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iii. Poverty statistics; and
iv. Other information that may be requested by the 
Committees specified in Section 3 of this Act.
(c) The Secretary of the DBM shall submit to the to the House of 
Representatives and the Senate a written report, which may be in 
digital format and may be submitted electronically, which shall 
include, but shall not be limited to the following:
i. Status of Expenditure Program;
ii. Status of Disbursement;
iii. Debt Service Expenditures;
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 to the House of 
Representatives and the Senate a written report, which may be 
In digital format and may be submitted electronically, which shall 
Include, but shall not be limited to the following:
i. 
Monetary aggregates and their components;
ii. 
Balance of payments of the Philippines;
iii. Headline and Core Inflation Rates;
Iv. Volume and value of exports and imports;
V. Financial Condition of the BSP and the Philippine Banking 
System;
vi. Government receipts and expenditures and on the status 
of the public debt, both domestic and foreign;
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 BSP or 
of the financial system; and
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viii. Other related information that may be requested by the
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Committees specified in Section 3 of this Act.
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Sec. 5. Full Disclosure and Cooperation. - All relevant government agencies are
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hereby directed to cooperate and submit to the DOF, NEDA, DBM, and BSP, as may
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be applicable, all necessary documents for the abovementioned agencies to comply
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with their obiigations under this Act.
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Sec. 6. Public Access to Information. - The DOF, NEDA, DBM, and BSP shall
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make available copies of the reports submitted to Congress in their official websites
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within seven (7) working days following the submission of their respective reports.
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Sec.7. Violations and Persons Liable. - Any person who performs or cause the
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performance of the following acts shall be liable:
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(a) Failure of head of the agency or his/her duly authorized
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representative to appear before Congress as required under Section
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3 of this Act;
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(b) Failure of the head of the agency to submit the necessary reports
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as required under Section 4 and 6 of this Act;
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(c) Failure of the head of the agency to submit the necessary documents
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under Section 5 of this Act.
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(d) Failure of the head of the agencies mentioned under Section 4
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(a)(vi)(l) to submit a copy of PPP contracts and a quarterly report
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on the status of obligations and contingent liabilities arising from
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each PPP contract to the DOF and to the PPP Center;
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(e) Failure of the head of the agency to make available copies of the
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reports submitted to Congress in their official websites within seven
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(7) working days following the submission of their respective
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reports as required under Section 6 of this Act;
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Sec. 8. Penalties and Liabilities. - Any violation of the preceding actions shall
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warrant the following penalties and liabilities:
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(a) First Offense: Administrative liability with six (6) months suspension.
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(b) Second Offense: Administrative liabiiity and criminal liability of
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dismissal from service, perpetual disqualification from holding public
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office and forfeiture of retirement benefits and imprisonment of one
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(1) year to six (6) years with a fine of not less than Five hundred
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thousand pesos (P500,000.00), but not more than Two million pesos
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(P2,000,000.00)
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The liability of the public officer or employee or former public officer or
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employee for the failure to comply with the provisions under this Act shall survive the
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retirement of said public officer or employee.
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SEC. 9. Implementing Rules and Regulations. - Within ninety (90) days from
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the effectivity of this Act, the DOF, NEDA, DBM, and BSP, in consultation with other
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relevant government agencies, shall promulgate the rules and regulations to
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effectively implement the provisions of this Act.
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Sec. 10. Separability Clause. - If any provision of this Act shall be held
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unconstitutional, the remainder of the Act not otherwise affected shall remain in full
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force and effect.
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Sec. 11. Repealing Clause. - All existing laws, presidential decrees, executive
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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
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accordingly.
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Sec. 12. Effectivity. - This Act shall take effect fifteen (15) days after its
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publication in the Official Gazette or in at least two (2) newspapers of general
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circulation.
Approved,
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