MANILA – The body President Rodrigo Duterte formed to review the 1987 Constitution has proposed that Congress be given the right to ask the president to produce documents related to foreign loans.
This proposal was included in the Article on the Executive Branch that the Consultative Committee (Concom) approved to show that Congress has the power of the purse, Concom member and former associate justice Antonio Eduardo Nachura said.
“It is really to acknowledge that it is Congress that has the power of the purse,” Nachura said. “So when the president enters into foreign loans that will, of course, require repayment through the use of money of the Philippine government.”
“’Pag nagne-negotiate pa lang for such loan, Congress will be consulted and Congress may ask, ‘Mr. President, tingnan nga namin ang mga dokumento dito,’” he added.
“I would say that Congress would have known that the loan was being negotiated and therefore ’pag in-approve na at wala silang ginawa before that, they must have consented at least,” said Nachura.
Under Section 20 of the proposed amendment, the president may contract or guarantee foreign loans on behalf of the Philippines with prior concurrence of the Monetary Board and subject to limitations as may be provided by law.
The Monetary Board shall, within 30 days from the end of every quarter of the calendar year, submit to Congress a complete report of its decision on applications for loans to be contracted or guaranteed by the government or government-owned and -controlled corporations, which would have the effect of increasing the foreign debt, and containing other matters as may be provided by law.
Also, when requested by Congress, the president shall submit to the Senate or the House of Representatives or any of their committees all documents relative to foreign loans./PN
