Business Mirror, Apr. 3, 2019, Debt Management Oversight Panel Proposed.pdf

BusinessMimor Wednesday, Apr tl 3, 2Ol9

Debt management oversight panel proposed .W'#H;,?ffi;:trlt country's loan agreements with transparency and accountability with the People's Republic of China and other countries, a

China pending the passage of his House Bill 8480 seeking to create

ment,

a Congressional Oversight Com-

partyJist lawmaker called for the

mittee on Debt Management. "While we recognize the power

creation of an Oversight Committee on Debt Management.

However, Magdalo Party-list Rep. Giry Alejano said Congress shouldconduct an inqu!ryinto the

given to the President when it comes to incurringloans meant to spur growth and promote equity in the provision of public services and benefits, we should ensure

Debt... CoNTINUED FRoM

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House Bill 8480 creates a Congressional Oversight Committee on Debt. Management, rshich shall pursue a debt management system that is available for public scrutiny and subject to strict adherence to existing pertinent laws, and rules and regulations. The oversight iommittee shall look into all foreign and domestic borrowingsnegotiated, contracted or guaranteed by the President on behalf of the Philippines, as well as those by the government or government-ownedand-controlled corporations. Under the bill, the committee

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on all government borrowings," he said. "Hence, I proposed the creation ofa Congressional Oversight Com-

mittee on Debt Management to institutionalize an effective check andbalance on the executive power to contract and guarantee loans," the lawmaker added.

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shall be composed of the chair man of the Commit tee on Ways and Means of the Senate, and

lhe

Ho-us e

of Representat ives

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nd

three additional me mbers frorn each chamber to be designated by the Senate President and the House Speaker respectively. One of t he sa id Lhree add itional mem bers shall come fromthe of each chamber.

minority

"We need to ensure that our govern ment s lim it ed resources shall be used appropriately, and

that priority should be given to educat ion, health care and ot her public services meant to promote t he welfare o f Filipinos. ' AIeja no said. House Bill 8480 is pending in the House Committee on Ways and Means. lovee M€fie N,

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Delo Cruz

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