Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _____ 
Introduced by HON. LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR. AND 
HON. BRIAN RAYMUND S. YAMSUAN 
EXPLANATORY NOTE 
The fiscal and monetary policies of the nation hold a great bearing on the country's economy. 
For instance, state policy on the Peso's value, exports, imports, and tariffs affects market 
forces and the government's expenditures. The operations of the private sector are heavily 
reliant on market forces in predicting its purchase of resources and handling of transactions. 
Given this responsibility, the Department of Finance (DOF) and the Bangko Sentral ng 
Pilipinas (BSP) deliver reports to Congress as part of the Development Budget Coordination 
Committee during the regular deliberation of the annual government budget. However, these 
reports do not offer a larger view of the Philippine economy, seeing it as restricted to planning 
and analyzing the annual budget. Hence, there is a gaping oversight in government towards 
proper fiscal management for the state and the private economy. Article Il Section 20 of the 
1987 Constitution highlights that "the State recognizes the indispensable role of the private 
sector, encourages private enterprise, and provides incentives to needed investments." 
Further accountability is also expected of the government by Article Il Section 28 of the 1987 
Constitution: "Subject to reasonable conditions prescribed by law, the State adopts and 
implements a policy of full public disclosure of all its transactions involving public interest." In 
the interest of better monetary policies, transparency, and public interest, the DOF and BSP 
must be made accountable beyond the government's budgetary needs. Hence, it is the intent 
of this bill to rectify that. 
This bill seeks to require secretaries of the DOF, Department of Budget and Management 
(DBM), National Economic and Development Authority (NEDA), and BSP to report to 
Congress bi-annually on the state and direction of the government's fiscal and monetary 
policies, economic developments, and prospects for the future. 
Given the foregoing, immediate passage of this bill is earnestly sought. 
LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR. 
BRIAN RAYMUND S. YAMSUAN 
May 9, 2023
8:00 am
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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _____ 
Introduced by HON. LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR. AND 
HON. BRIAN RAYMUND S. YAMSUAN 
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 SESSION OF THE 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:  
SECTION 1. Short Title. — This Act shall be known as the "Fiscal and Monetary 
Report Act". 
SECTION 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, as provided 
for under Article Il, Section 28 of the 1987 Constitution, and recognize the 
significance of fiscal and monetary policies as factors affecting the development 
directions of the country. 
SECTION 3. Appearance before Congress. — The Secretaries of the Department 
of Finance (DOF), National Economic and Development Authority (NEDA), 
Department of Budget and Management (DBM), and the Governor of the Bangko 
Sentral ng Pilipinas (BSP) shall appear biannually before a joint session of Congress 
to be attended by the Committees on Appropriations, Ways and Means, Economic 
Affairs, and Banks and Financial Intermediaries of the House of Representatives, and 
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the Committees on Finance, Ways and Means, Economic Affairs, and Banks, 
Financial Institutions and Currencies of the Senate, on or before the last Tuesday of 
March and September of each year, to report on the status and directions of the fiscal 
and monetary policies of the government, economic developments and prospects for 
the future, taking into account past and prospective developments in employment, 
unemployment, production, investment, real income, productivity, exchange rates, 
international trade and payments, and prices. 
 
SECTION 4. Reports. —  
(a) 
The Secretary of the DOF shall submit a written report to the Committees 
specified in Section 3, a discussion of the conduct of fiscal policy which shall 
include, but 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; and 
vi. 
Other information that may be requested by the Committees specified in 
Section 3 of this Act. 
 
(b) 
The Secretary of the NEDA shall submit written reports to the Committees 
specified in Section 3, regarding developments and prospects in the macro 
economy and labor market which shall include the following: 
i.   
Macroeconomy 
1. Gross National Income 
2. Net Primary Income 
3. Gross Domestic Product and its components 
ii.  
Labor Market 
1. Unemployment 
2. Youth Unemployment 
3. Underemployment 
4. Underemployment in Areas Outside of NCR (AONCR) 
iii. 
Other information that may be requested by the Committees specified in 
Section 3 of this Act. 


 
(c) 
The Secretary of the DBM shall submit a written report to the Committees 
specified in Section 3 on the following: 
i.   
Status of the Expenditure Program; 
ii. 
Status of Disbursement; 
iii. 
Statement of Appropriations, Allotments, Obligations, and Balances; and 
iv. 
Other information that may be requested by the Committees specified in 
Section 3 of this Act. 
 
(d) 
The Governor of the Bangko Sentral shall submit a written report to the 
Committees as specified in Section 3, covering aggregate data on the following: 
i.   
Monetary aggregates and their components; 
ii. 
Purchases and sales of foreign exchange and the international reserves of 
the Bangko Sentral; 
iii. 
Balance of payments of the Philippines; 
iv. 
Indices of consumer prices and import and export prices; 
v. 
Volume and value of exports and imports; 
vi. 
Financial status of the Bangko Sentral and the banking industry; 
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 Bangko Sentral or of the financial systems; and 
viii. Other related information that may be requested by the Committees 
specified in Section 3 on matters about the monetary policies of the 
government and/or the economic development of the country. 
 
SECTION 5. Public Access to Information. — The DOF, NEDA, DBM, and BSP 
shall make available copies of the reports submitted to Congress on their official 
websites within seven (7) working days following the submission of their respective 
reports. 
 
SECTION 6. Implementing Rules and Regulations. — The DOF, NEDA, DBM, and 
BSP shall, individually or jointly, promulgate their respective implementing rules and 
regulations and other issuances as may be necessary to ensure the effective 
implementation of this Act within sixty (60) days from its effectivity. 


 
SECTION 7. 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. 
 
SECTION 8. Repealing Clause. — All existing laws, presidential decrees, executive 
orders, proclamations, or administrative regulations inconsistent with this Act’s 
provisions are hereby amended, modified, superseded, or repealed accordingly. 
 
SECTION 9. Effectivity. — This Act shall take effect fifteen (15) days after its 
publication in the Official Gazette or at least two (2) newspapers of general 
circulation. 
 
Approved,