BusinessMimor

Wednesday, Apr tl 3, 2Ol9

Debt management oversight panel proposed

.W'#H;,?ffi;:trlt country's loan agreements with transparency and accountability
ment,with the People's Republic
of China and other countries, a
partyJist lawmaker called for the
creation of an Oversight Commit-
tee on Debt Management.
However, Magdalo Party-list
Rep. Giry Alejano said Congress
shouldconduct an inqu!ryinto the
China pending the passage of his
House Bill 8480 seeking to create
a Congressional Oversight Com-
mittee on Debt Management.
"While we recognize the power
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
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.
. SBB "DEBT," A2

Debt... shall be composed of the chair

CoNTINUED FRoM Al
House Bill 8480 creates a
Congressional Oversight Com-
mittee on Debt. Management,
rshich shall pursue a debt man-
agement 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
man of the Commit tee on Ways
and Means of the Senate, and
lhe Ho-us e of Representat ives a 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 minority
of each chamber.
"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, Delo Cruz

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