GRACE POE's TRANSCRIPT PORTIONS
Senate committee on banks hearing
Aug. 26, 2020

ON BIR, HEADS OF AGENCIES' ATTENDANCE:

Poe: In fact, I'd like to note also that this is a priority measure, and yet it's disappointing to see that the heads of agencies didn't really attend. They didn't attend and so even if we get some information from those agencies, we can't really be sure if those are official statements from the director of that agency, particularly the BIR. It would also be more comforting if a higher level official from each department will do a presentation here and a commitment on what they're trying to do with this bill that they are proposing we prioritize. So hopefully they'll also show that they are very serious about it.

ON DOF:

Poe: I would like to say that during the Bayanihan 2 this particular FIST provision was aggressively pushed by the DOF. In fact, even the NEDA acting secretary was lobbying for this to be included. So, I think this will be more enlightening if they could also give us the due respect and participate in our hearing because this was initially conceptualized and pushed by them. I will ask the senators present here today to ask the questions that they have to our resource persons now with the thought and in mind that we will be asking the heads of agencies to attend next time.

CLOSING STATEMENT:

Poe: We will suspend this hearing. Let me remind the resource persons here to please tell your principals to attend our next hearing. I'm talking specifically about the DOF, the SEC, the BIR and all the other agencies who need to be present here with their heads because this is actually an initiative that those agencies are pushing. And if they're not present here, it will look like it's us pushing it when the truth is they are supposed to be the experts. They're the ones saying that the economy needs it now. So, how will we know for sure that the economy needs it now if we don't even have a commitment, an actual presence from those heads explaining to us in detail what their commitments are also and the safeguards they're willing to accept. With that, I thank our senators for being present here today as well as our resource persons. We will now suspend our hearing.