The Philippine Senate has approved a bill that elevates the National Economic and Development Authority (NEDA) to a full-fledged department, aiming to strengthen the country's engagement with international economic organizations.
The Senate approved on third and final reading the bill elevating the National Economic and Development Authority ( NEDA ) into a full-fledged department to strengthen the Philippines' engagement with international economic organizations. Senators on Monday approved Senate Bill (SB) 2878, which seeks to reorganize the NEDA into the Department of Economy , Planning and Development (DEPDev). They passed SB 2878 three days before the Senate adjourned for a monthlong holiday break.
Congress will resume session on Jan. 13, 2025. Sen. Juan Miguel Zubiri, chairman of the Committee on Economic Affairs, underscored the bill's significance beyond organizational restructuring, calling it a victory for the nation. The senator led the deliberations on SB 2878, which positions DEPDev as the government's primary policy, planning, coordinating and monitoring body for economic development. Zubiri said the new department will play a pivotal role in addressing issues such as job generation, income inequality and infrastructure development. He said elevating NEDA to department status is timely, given the country's 'ambitious development goals and ongoing post-pandemic recovery efforts'. 'Our friends at the NEDA have been waiting for this for a long time, but truthfully, this is not a win for the NEDA — this is a win for the country,' Zubiri said. He said that with DEPDev at the helm, Filipinos can expect more efficient economic planning and implementation that will lead to tangible benefits. 'We can look forward to better economic planning and implementation, which will translate to more jobs, more income, and more development from the ground up,' he said. 'This ensures that our economic plans are not just well-crafted but also effectively implemented to benefit every Filipino,' Zubiri said. 'This is about equipping the agency with the power and resources it needs to drive real economic progress for the Filipino people
PHILIPPINES ECONOMY SENATE NEDA DEPARTMENT
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