By Tyrone Jasper C. Piad, January 26, 2022; Business Mirror

The House of Representatives approved on second reading House Bill (HB) 1062, which seeks to establish the Department of Economics and Development Planning (DEDP).

The DEDP will effectively replace the current National Economic and Development Authority as it will have the latter’s rights, obligations, powers, functions, assets and personnel following the measure’s enactment.

The bill seeks to “strengthen the culture of development planning in the country thereby ensuring that the programs and policies of the government are consistent, well-coordinated and integrated for the purpose of national development.”

HB 1062 also intends to “revitalize the role of an independent economic and planning agency of the government as the lead integrator of economic development programs and policies of the government.”

Based on the measure, the proposed agency is tasked with leading the planning and investment programming in a bid to facilitate sustainable and inclusive economic growth.

DEDP will be assigned as the principal secretariat of the Legislative-Executive Department Advisory Council.

The bill also establishes the Economic and Development Council, which is “responsible for directing and providing overall policy direction on economic, financial, social and environmental matters.”

HB 10625, which is titled “An Act Creating the Department of Economics and Development Planning, Defining its Functions, and Appropriating Funds Therefor,” was introduced by Representatives Joey Sarte Salceda, Weslie Gatchalian, Victoria Yap, Rufus Rodriguez and Angelo Marcos Barba.