SENATE BILL

JUL
27
2015

SBN-2860: Annual Public Disclosure of All Contingent Liabilities Act

An Act Mandating The Annual Public Disclosure Of All Contingent Liabilities Incurred By All National Government Agencies, Local Government Units, Government-Owned or -Controlled Corporations, Government Financial Institutions, And Other Government Instrumentalities

  • This bill requires the annual public disclosure of government’s contingent liabilities at least a month prior to the submission of the annual budget documents by the President to Congress.
  • It will provide Members of Congress and other stakeholders with a better appreciation of the fiscal and monetary impact of the government’s contingent liabilities on future government spending.
  • Prudent fiscal management warrants the establishment of a stronger legal and institutional framework in apprising the public about the obligations and risks involved in public-private partnership in public service delivery.
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