Bill Type
Congress Name
Long Title
AN ACT PROVIDING FOR A CAP ON PUBLIC DEBT IN ORDER TO ENSURE LONG-TERM FINANCIAL SUSTAINABILITY THROUGH FISCAL DISCIPLINE
Date filed
January 20, 2003
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 5606, 12th Congress of the Republic | |
| FULL TITLE : AN ACT PROVIDING FOR A CAP ON PUBLIC DEBT IN ORDER TO ENSURE LONG-TERM FINANCIAL SUSTAINABILITY THROUGH FISCAL DISCIPLINE | |
| ABSTRACT : "Debt Cap Act of 2003." This bill states that within five (5) years from the enactment of this proposed measure into law, the consolidated outstanding debt of the National government and of government-owne d and/or controlled corporations shall notexceed, at any one time, an amount equivalent to 100 percent of the country's nominal Gross Domestic Product and within another five years and thereafter, said outstanding debt shall not exceed 80 percent of the country's Gross Domestic Product: PROVIDED, That in no case within this second five year period will level of outstanding debt exceed 100 percent of Gross Domestic Product. | |
| PRINCIPAL AUTHOR/S : ANDAYA, ROLANDO JR. G. | |
| DATE FILED : 2003-01-20 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Roco (045 ) | 2. Nieva (046 ) |
| 3. Umali (046 ) | 4. Uy (046 ) |
| 5. Ylagan (046 ) | 6. Amin (047 ) |
| 7. Zamora (047 ) | 8. Mathay (002 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON APPROPRIATIONS ON 2003-01-27 |
Abstract
"Debt Cap Act of 2003." This bill states that within five (5) years from the enactment of this proposed measure into law, the consolidated outstanding debt of the National government and of government-owne d and/or controlled corporations shall notexceed, at any one time, an amount equivalent to 100 percent of the country's nominal Gross Domestic Product and within another five years and thereafter, said outstanding debt shall not exceed 80 percent of the country's Gross Domestic Product: PROVIDED, That in no case within this second five year period will level of outstanding debt exceed 100 percent of Gross Domestic Product.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.