The Consultative Committee (Con-com) reviewing the 1987 Constitution has unanimously approved a provision granting Congress the power to request from the President documents involving foreign loans.
This means that under the proposed federal Charter, the President must submit all pertinent documents relative to foreign loans upon request of either the Senate or the House of Representatives.
The provision was part of the revision of Section 20 of the 1987 Constitution which provides that the President may contract or guarantee foreign loans on behalf of the country with prior concurrence of the Monetary Board.
According to the proposed amendments disclosed to the media on Wednesday, the 22-member Con-com added the following provision:
“When requested by Congress, the President shall submit to the Senate or the House of Representatives, or any of its committees, all documents and papers relative to such foreign loans.”
Former Supreme Court Associate Justice Antonio Eduardo Nachura, chairman of the Con-com subcommittee on the structure of the federal government, said the provision recognizes the power of the purse vested in Congress.
“They (Congress) have every right to know where the money will be going, so they have the right to ask the president about loans,” Nachura said in a press briefing on Wednesday. /vvp