The country's debt woes have constricted government efforts to adequately finance basic social services. Debt serrvice eats up a huge chunk of our budget which otherwise would have been used to spur economic growth and the delivery of basic services. This measure seeks to institutionaliz e an effective balance to the "borrowing power" of the Executive Branch which, if exercised in an unlimited manner, will have adverse effects on the economy.>>The bill provides that no loan, whether foreign ordomestic, shall be negotiated and contracted in the name and liability of the national government including those of government owned and controlled corporations and local government units, without the prior approval of Congress. This requirement shaall also apply in the payment of loan interests, restructuring, re-scheduling and repayment programs for subsisting foreign debts, government guarantee of private loans and public assumption of private sector debts that may be proposed by the Preside