BIZ BUZZ: DepDev in, DOF out?

It seems like the National Economic and Development Authority (Neda)— which will soon be known as the Department of Economy, Planning and Development (DepDev)—is now the new captain of the country’s economic team following its hard-won reorganization.

And the details are all in the new law that transformed the state’s top socioeconomic planning agency into a full-fledged executive department.

Under Republic Act No. 12145 signed by President Marcos on April 10, the secretary of DepDev will be the chairperson of the Economic Development Committee (EDCom), while the secretary of the Department of Finance (DOF) will serve as vice chair.

This looks like a demotion for the DOF, which had been the head of the government’s economic team at least in the past two administrations and halfway through the term of Mr. Marcos.

Recall that the president appointed the DOF chief as chair of the Economic Development Group when he signed an executive order in 2023 that reorganized and renamed what was previously known as the Economic Development Cluster.

It is still unknown how the provision evaded the DOF’s sight when the legislation was being deliberated in Congress. For now, Biz Buzz heard from the grapevine that the DOF already raised the matter to Malacañang.

See Also

PH LGBTQ+ groups seek options to US aid

Apart from its top role in EDCom, the new law also appointed the secretary of DepDev as vice chair of the powerful Development Budget and Coordination Committee (DBCC), which is responsible for reviewing and approving the government’s macroeconomic assumptions and fiscal program. The DBCC is chaired by the budget secretary.

Indeed, it is a new era for Neda/DepDev.