Section 3April 17, 1989, Sec./Art. 3

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

(a) To recommend an independent and assertive policy on the country's external debt, foreign debt management and foreign debt service, which upholds the country's sovereignty and which promotes a sustained economic growth and a self-reliant economy;

(b) To undertake in-depth and detailed studies on all the policy options indicated herein and other options which the Council deems feasible or realistic;

(c) To enhance and facilitate cooperation and coordination between the legislative and executive branches of government in formulating and implementing the Government's foreign debt management policy and strategy;

(d) To undertake a comprehensive study of the foreign debt burden particularly the external debt and other borrowings of the public and private sectors including all policies related thereto;

(e) To recommend measures that will ensure continuous and effective monitoring of the external debt of both the public and private sectors including the debt incurred by the Central Bank;

(f) To study and evaluate the impact of the foreign debt and external debt policies on the national development goals, the economic programs, and the lives of the people;

(g) To recommend measures for the effective collection of accounts from actual debtors whose obligations are assumed by the Government or any of its instrumentalities;

(h) To facilitate nationwide consultations and public hearings on the foreign debt;

(i) To conduct continuing studies and researches on policy options, strategies, and approaches to the foreign debt problem including the experiences of other debtor countries and to recommend such remedial and legislative measures as may be required.