EIGHTEENTH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
F/rst Regular Session 
)
S E N A T E
s. No. 
432
L .
rL -
/ JD fT irr o f t h i 'i--
•19 
JUL 15 A9--41
RECEr'-:i;a
Introduced by SENATOR RAMON BONG REVILLA, JR.
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
EXPLANATORY NOTE
Article II Section 19 of the 1987 Constitution states that, "The State shall 
develop a self-reliant and independent national economy efficiently controlled by 
Filipinos." Further, Section 28 of the same Article provides that, "Subject to reasonable 
conditions prescribed by law, the State adopts and implements a policy of full 
disclosure of all its transactions involving public interest."
The goal towards an independent, robust, and transparent economic 
governance can only be achieved if all the stakeholders are actively participating for 
its achievement. The government, being at the forefront of such endeavor, should 
always be abreast with the relevant information and recommended actions needed for 
its attainment. The public, who are the prime movers of the economy, should have 
access to such information and actions to guide and empower them in doing their 
share for the economy.
In this aspect, the Legislative Branch of the government is mandated to enact 
laws that will improve our economy. Appropriate and responsive legislation is best


achieved when factual and updated data, prospects, targets and plans are provided 
as bases for such legislations.
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), as members of the Development Budget 
Coordinating Council (DBCC), reports to Congress every year in relation to the 
deliberations on the General Appropriations Bill. Flowever, given the vast coverage 
and rapid developments in the economy, more frequent coordination among the 
members of the executive and legislative department of the government is necessary.
This bill mandates the heads of the DOF, NEDA, DBM, and BSP to appear twice 
a year before the Joint Congressional Oversight Committee to report on the status and 
directions of the fiscal and monetary policies of the state, enumerating in particular 
the basic data that they should present. Through such coordination, policies and laws 
will be aligned towards a united path, making governance more efficient and effective.
This measure was already approved on Third Reading by this chamber during 
the 17th Congress but remained pending in the Flouse of Representatives.
In this light, the immediate passage of this bill is highly recommended.
RAMON/I^^G REVILLA, JR.


EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
S E N A T E
432
S. No.
<1 
»• j 
■
c( till' 
r T r-‘
'19 
JUL 15 
A 9 '42
RCC£:,‘' Oii;
Introduced by SENATOR RAMON BONG REVILLA, JR.
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
Be it enacted by the Senate and House o f Representative o f the Philippines in Congress 
assembled:
1 
Section 1. Short Title. - This Act shall be known as the "Fiscal and Monetary
2 
Report Act o f 2019'.
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Sec. 2. Declaration o f Policy. -  It is hereby declared the policy of the State to
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submit to full public disclosure all its transactions involving public interest, as provided
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for under Article II, Section 28 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.
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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) shall appear biannually before a Joint Congressional Oversight
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Committee on Fiscal and Monetary Policies to be composed of the following; the
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Chairperson of the Committee on Economic Affairs as Chair, and the Chairpersons of
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the Committees on Finance, Ways and Means, and Banks, Financial Institutions and


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Currencies as members from the Senate; the Chairperson of the Committee on
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Economic Affairs as Co-chair, and the Chairpersons of the Committees on
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Appropriations, Ways and Means, and Banks and Financial Intermediaries as members
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from the House of Representatives; and one (1) member each from the Senate and
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the House of Representatives representing the minority, on or before the last Tuesday
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of March and September of each year, to report on the status and directions of the
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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, international trade and payments, and prices.
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Sec. 4. Reports. -
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(a) The Secretary of the DOF shall submit a written report to the Committees
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specified in Section 3, a discussion of the conduct of fiscal policy which
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shall include, but not limited to, the following:
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(1) 
Consolidated Public Sector Financial Position;
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(2) 
National Government Debt Service Expenditures;
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(3) 
Foreign and Domestic 
Borrowings;
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(4) 
National Government 
Revenues;
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(5) 
National Government Financing Program and Outstanding Debt;
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and
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(6) 
Other information that may be requested by the Committees
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specified in Section 3;
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(b)The Secretary of the NEDA shall submit written reports to the
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Committees specified in Section 3, regarding developments and
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prospects in the macroeconomy and labor m arket which shall include
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the following:
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(1) Macroeconomy
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(i) 
Gross National Income
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(ii) Net Primary Income
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(iii) Gross Domestic Product and its components
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(2) Labor Market
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(i) 
Unemployment


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(ii) 
Youth Unemployment
(iii) Underemployment
(iv) Underemployment in Areas Outside of NCR (AONCR)
(3) Other information that may be requested by the Committees
specified in Section 3;
(c) The Secretary of the DBM shall submit a written report to the 
Committees specified in Section 3 on the following:
(1) National Budget;
(2) Status of Expenditure Program;
(3) Status of Disbursement;
(4) Statement of Appropriations, 
Allotments, 
Obligations 
and 
Balances; and
(5) Other information that may be requested by the Committees 
specified in Section 3;
(d ) The Governor of the Bangko Sentral ng Piliipnas shall submit a written 
report to the Committees as specified in Section 3, covering aggregate 
data on the following:
(1) Monetary aggregates and their components;
(2) Purchases and sales of foreign exchange and of the international 
reserves of the Bangko Sentral;
(3) Balance of payments of the Philippines;
(4) Indices of consumer prices and of import and export prices;
(5) Volume and value of exports and imports;
(6) Financial status of the Bangko Sentral and the banking industry;
(7) 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
(8) Other related information that may be requested by the 
Committee specified in Section 3 on matters pertaining to the 
monetary policies of the government and/or the economic 
development of the country.


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Sec. 5. 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. 6. Implementing Rules and Regulations. -  The DOF, NEDA, DBM, and BSP
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shall, individually or jointly, promulgate their respective implementing rules and
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regulations and other issuances as may be necessary to ensure the effective
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implementation of this Act within sixty (60) days from its effectivity.
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Sec. 7. 
Separability Clause. -  If any provision of this Act shall be held
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unconstitutional, the remainder of this Act not otherwise affected shall remain in full
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force and effect.
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Sec. 8. 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. 9. 
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.
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Approved,