NextGen Day

On Sunday, Senator Sherwin Gatchalian pushed for the institutionalization of the nearly 50-year-old planning organization and encouraged the National Economic Development Authority (NEDA) to create a long-term economic plan to protect the economy.

Gatchalian has introduced Senate Bill 1060, or the Act, in an effort to fortify the agency’s current structure by putting into action ongoing integrated and coordinated long-, medium-, and short-term development plans to achieve full employment and contribute to inclusive and sustainable economic growth, equitable opportunity, income, and wealth distribution, and higher productivity to improve quality of life.

The NEDA was established on January 24, 1973, by former President Ferdinand E. Marcos pursuant to Presidential Decree No. 107, and was restructured in 1987 by then-President Corazon Aquino by Executive Order No. 230 series.

According to Gatchalian, the NEDA must become independent in order for its economic objectives to be sustained; it is not enough for the country to have a national plan and to efficiently implement one.

Goals for development, he continued, rely on the political commitment of the current administration.

In order to realize NEDA’s vision of the proposed measure to instill a culture of planning in the formulation and implementation of the nation’s economic and development policies, Gatchalian said the participation of the public and private sectors at the national and sub-national levels is “very important.”

In order to hasten the economic and social growth and development of the various areas of the nation, his proposal calls for NEDA to strengthen the autonomy and decentralization of units within those regions.

A special meeting of the NEDA Board may be called when there are urgent issues or emergencies, such as natural disasters, calamities, or other situations that would have an impact on the economy and the development of the nation. The President of the Republic serves as the chairman of the NEDA Board, which meets once every three months.

The NEDA Board must also work with the Department of Budget and Management and other pertinent government oversight organizations to make sure that annual and multi-year funding for programs and projects is in line with the development strategies in the Medium-Term Philippine Development Plan and Medium-Term Regional Development Plans. Additionally, the NEDA Board must give Congress its approval for the integrated development plans and programs that will serve as the foundation for the annual budget review.

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