Marcos establishes new economic affairs body
President Marcos has revamped an investment and economic policy body into a new Office of Economic Affairs (OEA) under Executive Secretary Ralph Recto.
Under Executive Order No. 108, signed by Mr. Marcos on Jan. 26 and made public last week, the functions of the Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea) shall be transferred to the OEA as the President streamlines his administration’s investment and economic initiatives.
“There is a need to further streamline the initiatives of the OP (Office of the President) on investment and economic affairs to further establish a robust monitoring system and ensure a more holistic and cohesive approach to address the diverse economic challenges currently confronting the nation,” EO 108 states.
Lawyer Erwin Sta. Ana, who was deputy national treasurer and finance undersecretary since 2015, is the current OEA chief and has had extensive experience in operations of the Bureau of the Treasury, including the auction of Treasury bills.
EO 108 mandates the turnover of all Osapiea records, documents, resources, office spaces and properties to the Office of the Executive Secretary (OES). The existing personnel of Osapiea shall be transferred to the OES, subject to existing laws, rules and regulations.
Finance Secretary Frederick Go led Osapiea since its creation in 2023 until his appointment as chief of the Department of Finance last November.
Osapiea functions included assisting the President by providing him with timely, relevant and strategic advice on economic matters and concerns, including inflation, food security and the increasing prices of key commodities.
