Marcos orders creation of investments, economic affairs office

President Ferdinand ''Bongbong'' Marcos Jr. has directed the creation of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) to ensure effective integration, coordination, and implementation of various government investment and economic policies.

Through Executive Order No. 49, Marcos said the OSAPIEA would be under the Office of the President and it shall be headed by Presidential Adviser on Investment and Economic Affairs Frederick D. Go.

“There is a need to further strengthen the existing mechanisms for formulation, coordination, and implementation of the government's economic initiatives, plans, policies and programs, as well as to establish a robust monitoring system to ensure a holistic and cohesive approach to addressing the diverse economic challenges currently confronting the nation,” the President said.

Among the functions of the OSAPIEA head include providing the President timely, relevant and strategic advice on economic matters and concerns, including among others, inflation, food security, and the increasing prices of key commodities.

The OSAPIEA will also take charge in ensuring that the investment pledges made are realized and will come to fruition.

The EO stated that the SAPIEA shall serve as chairperson of the Economic Development Group (EDG), while the secretaries of the National Economic and Development Authority (NEDA) and Department of Finance (DOF) will serve as vice chairpersons.

The SAPIEA will also work with the EDG, and identify the priority programs, activities and projects (PAPs) in the Philippine Development Plan (PDP) 2023-2028, as well as monitor, review, and evaluate the progress of priority initiatives and PAPs of the administration.

Further, the SAPIEA is directed to supervise, in behalf of the President, the NEDA, DOF, Department of Budget and Management, Department of Trade and Industry and their respective attached agencies such as the Board of Investments, Philippine Economic Zone Authority, Securities and Exchange Commission, “to ensure effective and efficient implementation of their respective priority initiatives and PAPs.” 

Other functions include identifying problem areas in the implementation of the investments made and submit to the President a comprehensive report on such matters.—AOL, GMA Integrated News