The government has officially transformed the National Economic and Development Authority (NEDA) into the Department of Economy, Planning, and Development (DEPDev) after President Marcos signed Republic Act (RA) No. 12145 on April 10.

Under RA 12145, known as the Economy, Planning, and Development Act, the DEPDev will serve as the "primary policy, planning, coordinating, and monitoring arm of the Executive Branch of government on the national economy."

It will be responsible for crafting long-, medium-, and short-term development plans to guide government priorities and investments.

The DEPDev is tasked to evaluate public investment programs and major capital projects and promote data-driven and evidence-based policy-making.

The new department will issue major planning instruments such as the Philippine Development Plan, Regional Development Plans, and the Public Investment Program.

The law also requires DEPDev to engage with civil society, local governments, and the private sector "to incorporate their priority needs in the formulation of policies, plans, programs, and projects."

Under the DEPDev are regional offices that align national goals with local priorities, except in Metro Manila and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

ED Council

The law also reconstitutes the NEDA Board into the Economy and Development Council (ED Council), chaired by the President, which will set the overall direction for economic policy and national development.

The ED Council shall oversee economic development, infrastructure, social services, tariffs, and land use, among others.

DEPDev Secretary

The new department will be led by a Secretary appointed by the President and confirmed by the Commission on Appointment. The Secretary will act as the Chief Economist of the Philippines and advise the President and Cabinet on economic and social development issues.

Based on the law, the Secretary must be "of recognized probity, competence, and independence" and "preferably with a doctorate in Economics." The Secretary must also have been active in the profession for at least 10 years.

Transition

With the reorganization, all NEDA employees will be retained under the new structure, and any displaced staff will receive separation or retirement benefits under existing laws.

The DEPDev shall also assume all rights, assets, and liabilities of NEDA.

RA 12145 takes effect 15 days after its publication in the Official Gazette or a newspaper of general circulation.