NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
o( the
72 OCT-5 P5SI
S.B. No. 16bb
RECEIVED BV;
Introduced by SENATOR IMEE R. MARCOS
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
Article II, Section 19 of the 1987 Constitution provides that, " The State shall 
develop a self-reliant and independent national economy effectively controlled by 
Filipinos,//Further, the Constitution mandates the adoption and implementation by the 
State of policies for full disclosure of all transactions involving public interest.
This bill aims to promote greater transparency and public accountability in the 
formulation and implementation of the executive department's economic policies by 
requiring the Secretaries of the Department of Finance, National Economic and 
Development Authority, Department of Budget and Management, and the Governor of 
the Bangko Sentral ng Pilipinas, or their duly authorized representatives, to appear 
before both houses of the Congress biannually to report on the current status and 
directions of the fiscal and monetary policies of the national government. The 
concerned government agencies will also be required to submit reports to apprise the 
Congress of the real fiscal condition of the economy.
Thus, the immediate passage of this bill is earnestly sought.
IMEE R. MARCOS


NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
SENATE
S.B. No. 1366
senate
o( tl)f
*22 OCT -5 P5 51
RECEIVED BV;
Introduced by SENATOR IMEE R. MARCOS
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 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, all
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its transactions involving public interest, as provided for under Section 28, Article II of
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the 1987 Philippine Constitution, and recognize the significance of fiscal and monetary
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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 of
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Budget and Management (DBM), and the Governor of the Bangko Sentral ng Pilipinas
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(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 each
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year to report on the status and directions of the fiscal and monetary policies of the
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government, economic developments, prospects for the future, and other related data
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taking into account past and prospective developments in employment, unemployment,
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production, investment, real income, productivity, exchange rates, debt, international
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trade and payments, and prices.


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SEC. 4. Reports. - As provided in this Act, the reports shall be as follows:
(a) The Secretary of Finance 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:
. Consolidated Public Sector Financial Position;
i. National Government Debt Service Expenditures;
ii. Foreign and Domestic Borrowings;
V. 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 Government-Owned 
and/or Controlled Corporations (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.;
2. Loans contracted and liabilities incurred by GOCCs or by government 
financial institutions (GFIs) 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


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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 Employment;
1. Unemployment
2. Youth Unemployment
3. Underemployment
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 Budget and Management 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:
. Status of Expenditure Program;
i. Status of Disbursement;
ii. Debt Service Expenditures;
V. 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:
. Monetary aggregates and their components;
i. Balance of payments of the Philippines;
ii. Headline and Core Inflation Rates;
V. 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;


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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 
vii. Other related information that may be requested by the Committees 
specified in Section 3 of this Act.
SEC. 5. Full Disclosure and Cooperation. - All relevant government agencies are 
hereby directed to cooperate and submit to the DOF, NEDA, DBM, and BSP, as may be 
applicable, all necessary documents for the abovementioned agencies to comply with 
their obligations under this Act.
SEC. 6. 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. 7. Violations and Persons Liable.-Any person who performs or causes the 
performance of the following acts shall be liable:
(a) Failure of head of the agency or his/her duly authorized representative to 
appear before Congress as required under Section 3 of this Act;
(b) Failure of the head of the agency to submit the necessary reports as required 
under Section 4 and 6 of this Act;
(c) Failure of the head of the agency to submit the necessary documents under 
Section 5 of this Act.
(d) Failure of the head of the agencies mentioned under Section 4 (a)(vi)(l) to 
submit a copy of PPP contracts and a quarterly report on the status of obligations 
and contingent liabilities arising from each PPP contract to the DOF and to the 
PPP Center;
(e) Failure of the head of the agency to 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 as required under Section 6 
of this Act.
SEC. 8. Penalties and Liabilities. - Any violation of the preceding actions shall 
warrant the following penalties and liabilities:
(a) First Offense: Six (6) months suspension.
(b) Second Offense: Dismissal from service, perpetual disqualification from 
holding public office and forfeiture of retirement benefits and imprisonment of 
one (1) year to six (6) years with a fine of not less than Five hundred thousand 
pesos (P500,000.00), but not more than Two million pesos (P2,000,000.00)


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The liability of the public officer or employee or former public officer or employee 
for the failure to comply with the provisions under this Act shall survive the retirement 
or resignation of said public officer or employee.
SEC. 9. Implementing Rules and Regulations. - Within ninety (90) days from the 
effectivity of this Act, the DOF, NEDA, DBM, and BSP, in consultation with other relevant 
government agencies, shall promulgate the rules and regulations to effectively 
implement the provisions of this Act.
SEC. 10. 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. 11. 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. 12. Effectivity Clause. - 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,