• GILBERT P. BAYORAN
Negros Occidental Third District Rep. Jose Francisco Benitez has filed House Bill No. 5593, which aims to create a Department of Economics and Development Planning (DEDP).
In a statement, Benitez said the creation of the DEDP will strengthen the existing functions of National Economic Development Authority (NEDA) to coordinate policies “to ensure that our country’s economic plans actually work for us all”.
“Through this, we hope to make sounder economic policies for our country’s future, more jobs, better opportunities, and a stronger economy for all,” he added
In the explanatory note, Benitez said the DEDP shall assume the powers, duties and functions of NEDA, which is composed of its board and secretariat. Under this structure, the powers and functions of NEDA resides in the board, with the secretariat providing technical assistance and administrative support.
This bill strengthens the NEDA secretariat as the independent and primary economic and planning agency of the government, he added.
Under the bill, the NEDA Board is reconstituted as the Economics and Development Council, with the President as the chairperson and shall continue to provide the direction and legitimation of the work of the new department.
Benitez further said that the reorganization is necessary to cultivate independence in economic and development planning, but stresses complementarity in the roles of different agencies that contribute to socio-economic development of the country.
It also highlights the need to adapt and align our economic policy with global transformations that impact capital flows, production processes and consumption to ensure economic growth and resilience, as well as sustainable and inclusive development, he further said. | GB
