HB10625: DEPARTMENT OF ECONOMICS AND DEVELOMENT PLANNING ACT
This bill proposes the creation of the Department of Economics and Development Planning (DEDP), which would absorb the powers, duties, and functions of the National Economic and Development Authority (NEDA), effectively abolishing the latter. The DEDP is envisioned as the primary government agency responsible for formulating and recommending national economic development goals, policies, and programs, and overseeing their implementation. This is a significant restructuring of economic planning in the Philippines, aiming to ensure integrated, coordinated, and sustainable economic growth with equitable distribution of opportunities and wealth.
The DEDP would be tasked with various functions, including visioning, plan formulation (such as the Philippine Development Plan and Regional Development Plans), investment programming, linking planning with budgeting, policy advisory, project appraisal, and monitoring and evaluation. It would also lead in economic and financial literacy and futures thinking, aiming for more informed and forward-looking economic policies. The bill establishes an Economics and Development Planning Council, chaired by the President, to provide overall policy direction, and outlines several committees to oversee specific economic sectors, signifying a comprehensive approach to national development planning.