THE SENATE on late Wednesday approved on second reading a bill that will reorganize the National Economic and Development Authority (NEDA) into a “full-fledged department” with the aim to streamline the agency’s functions.

Senate Bill No.2878, the “Economy, Planning and Development Act,” which was approved with no objection, will reorganize NEDA into the Department of Economy, Planning and Development (DEPDev) to serve as the government’s primary economic and planning agency.

“This is necessary for the DEPDev to effectively align our economic planning with our policy implementation,” Senator Juan Miguel F. Zubiri, who sponsored Senate Bill No. 2878 and chaired the economic affairs committee, said in a statement on Thursday.

“With this bill, we simply want to institutionalize their expanded functions and equip them with the organizational structure that will support their mandate.”

The DEPDev, whose secretary will serve as the country’s Chief Economist, will also be tasked to formulate the long-term development framework. It will be mandated to draft the Philippine Development Plan Regional Development Plans, and Public Investment Program and Regional Development Investment Program among other reports.

Moreover, the bill reorganizes the NEDA board into the Economic Development Council (ED Council), which will be headed by the Philippine President.

The body will be composed of the executive secretary, secretaries of DEPDev, Budget and Management, Education, Energy, Finance, Health, Trade and Industry, Transportation, and Public Works among other Cabinet members.

The Council will be supported by the following committees: Development Budget Coordination Committee; Economic Development Committee; Investment Coordination Committee; Social Development Committee; Infrastructure Committee; Tariff and Related Matters Committee; National Land Use Committee; and Regional Development Committee.

It will also be required to meet regularly, at the minimum on a quarterly basis, to craft policies that promote economic development and “concerns of national importance.”

It will also continue to form part of the Development Budget Coordination Committee, alongside the Budget and Finance secretaries, as well as the Executive Secretary.

“This reorganization is not just about giving NEDA a new name or status, it’s about recognizing the critical role it plays in shaping our nation’s economic policies and plans are not just well-crafted but also effectively executed,” said Mr. Zubiri, the former Senate president.

In July, Socioeconomic Planning Secretary Arsenio M. Balisacan sought the chamber’s support to establish the DEPDev to strengthen NEDA’s capacities to plan, formulate and recommend policies as well as review and coordinate public investments.

Its counterpart measure, House Bill No. 11199 has been approved at the committee level, pending plenary action. — John Victor D. Ordoñez

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