Section 27Sec./Art. 27

Development Budget Coordination Committee (DBCC). - The DBCC shall be composed of the the Secretaries of the DBM, DEPDev, DOF, and the Executive Secretary. The Governor of the BSP or a duly authorized representative shall sit in the meetings of the DBCC as a resource person.

The Secretaries of the DBM and the DEPDev shall serve as the chairperson and vice chairperson of the DBCC, respectively.

The DBCC shall have the following functions:

(a) Recommend for final approval of the President of the Philippines:

(1) The level of annual government expenditures and the ceiling of government spending for economic, social and general public services, national defense, and debt service;

(2) The budget to be allocated for current operating expenditures and capital outlays of government programs and projects;

(3) Level of the NG counterpart budget in the NG-LGU cost sharing initiatives to augment resources for DEPDev goals and as described in Section 12 of this Act;

(4) A strategic multi-year fiscal program which supports the long-term and medium-term development objectives of the country; and

(5) A domestic and foreign borrowing program for general financing and development purposes; and

(b) Conduct periodic reviews of fiscal and macroeconomic targets, as well and the revenue and expenditure projections of the government, including general examination of costs, accomplishments, and performance standards applied in undertaking development projects.

The DBM shall serve as the Secretariat to the DBCC.