Press Release
May 31, 2017

THE FISCAL AND MONETARY REPORT ACT OF 2017
SENATOR WIN GATCHALIAN SPONSORSHIP SPEECH
MAY 31, 2017

Good afternoon, Mr. President and esteemed colleagues.

I have the honor to sponsor THE FISCAL AND MONETARY REPORT ACT OF 2017. This Act mandates the Secretaries of the Department of Finance, the National Economic and Development Authority, and the Department of Budget and Management, as well as the Governor of the Bangko Sentral ng Pilipinas, to appear biannually before a joint session of Congress to report on the status and directions of the fiscal and monetary policies of the State. It is a legislation that is anchored on the declared policy of the State, subject to reasonable conditions prescribed by law, to submit full public disclosure of all its transactions involving public interest as provided under the Constitution. It is likewise a recognition of the significant effects of fiscal and monetary policies to the development directions of the country.

It is the avowed intent of THE FISCAL AND MONETARY REPORT ACT OF 2017 to champion the public interest towards transparency of the country's fiscal and monetary policies, to support the government's mechanisms of check and balance, and to enhance Congressional oversight of our fiscal and monetary management. This would ensure that Congress is kept abreast on the current position and direction of the government's fiscal and monetary policies, especially with regard to the accumulation of foreign debt that could impact the country's economic stability.

Under the present system, the Department of Finance and the Bangko Sentral ng Pilipinas report to Congress as members the Development Budget Coordination Committee during the legislative deliberation of the annual government budget. Their respective reports are however limited to the inputs required for the budget analysis, at the expense of fiscal accountability.

This Act provides for that accountability measure by mandating the concerned agencies to submit to periodic Congressional inquiry. It requires the Secretaries of the Department of Finance, National Economic and Development Authority, and Department of Budget and Management, as

well as the Governor of the Bangko Sentral to appear biannually before a joint session of Congress. The joint session will be attended by the Committees on Appropriations, Ways and Means, Economic Affairs, and Banks and Financial Intermediaries of the House of Representatives. The Senate, on the other hand, will be represented by the Committees on Finance, Ways and Means, Economic Affairs, and Banks, Financial Institutions and Currencies.

The reporting shall be done on or before the last Tuesday of March and September of each year. The reports shall cover 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.

The Act also promotes accountability by providing publicly accessible reports. 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.

Mr. President, I would like to thank Senator Ralph Recto for spearheading the passage of this legislation. THE FISCAL AND MONETARY REPORT ACT OF 2017 does not only adhere to the principles of transparency and accountability. It is also a measure that is consistent with the country's commitment to good governance. With this, I recommend the bill's immediate passage.

Thank you, Mr. President.

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