Updated:2025-01-25 04:12 Views:65
MANILA, Philippines — A bill that would reorganize the National Economic and Development Authority (Neda) into a full-fledged department is now closer to becoming a law.
This comes after the congressional bicameral committee approved on Wednesday the reconciled versions of the Senate and House of Representatives bills.
“We had a quick and productive bicam meeting for the bill reorganizing the National Economic and Development Authority into the Department of Economy, Planning and Development (DEPDev),” Sen. Juan Miguel Zubiri said shortly after the bill’s approval at the bicameral conference committee.
Article continues after this advertisement“This is a landmark measure that finally puts the DEPDev on equal footing with other departments, and empowers them to more effectively align national and local government units under a harmonized national development plan.
FEATURED STORIES BUSINESS John Hay Golf Club disputes BCDA’s ‘sabotage’ claim during takeover BUSINESS PSEi manages small gain on bargain-hunting BUSINESS MMTCI-Philracom revs up horseracing’s comeback“This will then result in more jobs, more income, and more development for the country,” added Zubiri, who led the bicam discussions in the Senate.
As proposed in the bill, Neda would become the government’s primary economic and planning agency and be renamed DEPDev.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 2.1 percent, or 155.65 points, to 7, 272.65.
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Article continues after this advertisementIt will be tasked with formulating the country’s long-term development framework, according to a briefer from Zubiri’s office.
Article continues after this advertisement“The Framework is a high-level and broad strategy spanning 25 years that shall guide the country towards sustainable growth and development and the attainment of the Vision,” the briefer read.
Article continues after this advertisement“Within six months from the assumption of office of the President of the Philippines, the DEPDev shall formulate a national economic and development blueprint or the Philippine Development Plan (PDP) in consultation with public agencies, civil society organizations, non-government organizations, people’s organizations, academe, private sector, and LGUs. The PDP shall be anchored on the Framework,” it further said.
The Neda Board, under the bill, will also be reconstituted into the Economy and Development Council to be headed by the President of the Philippines.
slot 777 online Article continues after this advertisementThe proposed legislation is likewise expected to address the following issues:
Inconsistency of public policies Alignment between national and regional plans and policies, and increase the capacity of national and regional agencies and local government units on planning and policymaking Linkage between planning, investment programming, budgeting, monitoring and evaluation, and feedback to planning Continuity of plans and programs And the need to anticipate and respond to future trends“The bill will mandate the DEPDev to undertake scenario planning exercises to anticipate future trends or discontinuities and recommend responsive measures to the President and the Congress, as may be appropriate,” the briefer read.
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