December 17, 2024 | 12:45pm
MANILA, Philippines — The Senate passed on the third and final reading a measure that would reorganize the National Economic and Development Authority (NEDA) into a department, granting it more power.
The bill hurdled the final reading in the Senate on Monday, December 16. Sen. Juan Miguel Zubiri shepherded the bill into the plenary. The bill garnered 18 affirmative votes, with no negatives or absentations.
The bill seeks to create the Department of Economy, Planning, and Development (DEPDEV), aimed at ensuring that economic policies remain consistent and resilient despite changes in administration.
“The DEPDEV shall be the primary policy, planning, coordinating, and monitoring arm of the Executive Branch of government on the national economy,” the Senate’s Third Reading version of the bill read.
The bill mandates that the DEPDEV provide impartial, evidence-based recommendations to improve the country’s economy.
The DEPDEV will also be tasked with creating medium- and long-term economic plans and development frameworks for the country.
Additionally, the new department will have responsibilities related to the national budget, in collaboration with the Department of Budget and Management.
“The DEPDEV shall use available 4 evaluation results to inform decisions on the retrenchment, modification, or scaling up of government programs, projects, and activities and shall recommend the veto or conditional implementation of budget appropriations that are not aligned with the long-term development framework and national and sub-national development plans,” the bill read.
The DEPDEV Secretary has several requirements. Aside from being a resident of the Philippines, the new secretary would have to be active in their field for at least 10 years.
It is preferable for candidates to have a doctorate degree in economics.
The new secretary will be assisted by at least five assistant secretaries and undersecretaries.
DEPDEV must also have regional offices across the country.
The bill also states that the DEPDEV is tasked with creating a long-term framework spanning 25 years.
“It shall serve as a tool to coordinate, guide, and inform the preparation and consideration of future, more detailed national and sub15 national development plans, national and sub-national public investment programs, and sectoral and inter-sectoral plans and programs,” the bill stated.
NEDA Secretary Arsenio Balsiacan has long sought the creation of a department for the economy.
“The reorganization will help ensure that well-crafted plans do not remain just that and that the policies and projects that the government approves are adequately monitored to check on their progress and rigorously evaluated to examine their effectiveness in realizing intended outcomes,” Balisacan said in a previous statement in March.
The bill’s counterpart in the House of Representatives is still undergoing hearings.
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