Practice question
The Monetary Board decides on applications for foreign loans of the Republic and a government-controlled corporation, both of which would increase foreign debt. Its quarterly report lists only the Republic loan and deliberately omits the corporate application because no money under it has yet been fully disbursed. Which analysis best follows Article VII, Section 20?
- Only fully disbursed Republic loans can ever be reported.
- A government-controlled borrower is expressly excluded.
- The duty concerns a complete report of decisions on the specified applications, so the stated lack of full disbursement alone does not justify omitting the covered corporate decision.
- The report becomes unnecessary if the lender keeps records.
- The Board may redefine all covered loans as private matters by resolution.
Legal references
- 1987 Constitution, Article VII, Section 20: https://lawphil.net/consti/cons1987.html
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