AN ACT ORGANIZING A JOINT LEGISLATIVE-EXECUTIVE FOREIGN DEBT COUNCIL, DEFINING ITS OBJECTIVES, POWERS AND FUNCTIONS, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES

Eighth Congress

Republic Act No. 6724             April 17, 1989

AN ACT ORGANIZING A JOINT LEGISLATIVE-EXECUTIVE FOREIGN DEBT COUNCIL, DEFINING ITS OBJECTIVES, POWERS AND FUNCTIONS, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Principles. - The task of solving the problem of foreign debt shall be guided by the following basic principles:

Section 2. Organization of Joint Legislative-Executive Foreign Debt Council. - Within thirty (30) days after the effectivity of this Act, there shall be organized an advisory body to be known as the Joint Legislative-Executive Foreign Debt Council, hereinafter called Council.

Section 3. Purposes and Objectives. - The Council shall have the following purposes and objectives:

Section 4. Policy Options. - In the discharge of its responsibilities, the Council may consider and develop the following options:

Section 5. Powers and Functions. - To carry out the aforementioned purposes and objectives, the Council is authorized:

Section 6. Composition, Appointment, and Designation. - The Council shall be composed of seventeen (17) members as follows:

The President shall appoint the Chairman and Vice-Chairman of the Council from among its members.

Section 7. Geographical Representation, Quorum. - The geographic representation from Mindanao, Visayas and Luzon shall be observed in the composition of the Council. A majority of all the members of the Council shall constitute a quorum for the conduct of business.

Section 8. Compensation. - Members of the Council who are government officials shall not receive additional compensation for the service rendered thereto. Members of the Council who are not government officials shall receive per diems of One thousand pesos (P1,000) for every Council meeting: Provided, That the per diems collected per month do not exceed the equivalent of four (4) meetings.

Section 9. Staff Support. - The Presidential Management Staff shall provide staff support to the Council. The Council may call on any department, bureau, office and instrumentality of the Government for appropriate assistance.

Section 10. Submission of Reports. - The Council shall submit to the President of the Philippines, the Senate President, and the Speaker of the House of Representatives a quarterly report of its activities, assessments of, and recommendations on the country's debt situation within thirty (30) working days from the end of each quarter during the year.

Section 11. Funds. - Funds necessary for the implementation of the provisions of this Act are hereby authorized to be taken from the Contingent Fund or any appropriate lump sum appropriations under the General Appropriations Act of 1989. Funding for the succeeding years is hereby authorized to be incorporated in the annual General Appropriations Act.

Section 12. Specific Policy. - Nothing herein shall preclude Congress from adopting a specific foreign debt policy.

Section 13. Separability Clause. - In the event that any part of this Act is declared unconstitutional, the other parts not so declared shall remain valid and effective.

Section 14. Repealing Clause. - Any provisions of law, decree, executive order, rule or regulation as are in conflict or inconsistent with the provisions and/or purposes of this Act are accordingly repealed, amended or modified.

Section 15. Effectivity. - This Act shall take effect fifteen (15) days from the date of its publication in at least two (2) newspapers of general circulation.

Approved: April 17, 1989