Legislative History
| House Bill/Resolution NO. House Bill No. 5641, 12th Congress of the Republic | |
| FULL TITLE : AN ACT REQUIRING PRIOR CONGRESSIONAL APPROVAL FOR ALL FORMS OF FOREIGN AND DOMESTIC INDEBTEDNESS OF THE NATIONAL GOVERNMENT, INCLUDING THE RE-PAYMENT AND AMORTIZATIONS OF ALL PUBLIC DEBTS | |
| ABSTRACT : This bill requires the President of the Philippines to obtain Congressional approval of the exact amount, rate of interest and actual source of all intended yearly borrowings in the name and liability of the Republic of the Philippines. The notification shall contain the probable terms and condtions, interest rates, maturity period, penalties in case of default or late payments of amortizations, and other similar conditions, and shall be transmitted yearly to Congress together with the proposedannual appropriations act.> Contracting of all forms of public debt in the name and liability of the Republic of the Philippines without the prior congressional approval in the form of Resolutions separately approved by a majority of the House of Reepresentatives and Senate shall be of no force and effect. | |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. | |
| DATE FILED : 2003-01-27 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Sy-alvarado (047 ) | 2. Amin (048 ) |
| 3. Tulagan (050 ) | 4. Chatto (077 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON APPROPRIATIONS ON 2003-02-03 |
Abstract
This bill requires the President of the Philippines to obtain Congressional approval of the exact amount, rate of interest and actual source of all intended yearly borrowings in the name and liability of the Republic of the Philippines. The notification shall contain the probable terms and condtions, interest rates, maturity period, penalties in case of default or late payments of amortizations, and other similar conditions, and shall be transmitted yearly to Congress together with the proposedannual appropriations act.> Contracting of all forms of public debt in the name and liability of the Republic of the Philippines without the prior congressional approval in the form of Resolutions separately approved by a majority of the House of Reepresentatives and Senate shall be of no force and effect.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.