The National Economic and Development Authority
SECTION 1. Declaration of Policy.—The State shall ensure that all socio-economic programs and activities of the government shall be programmed within the context of well-formulated and consistent long, medium, and short-term development plans and policies to promote both the growth of the economy and the equitable distribution of the benefits of such growth to the members of society. To this end, it is recognized that the formulation of the required socio-economic development policies and plans is a vital process that calls for the participation of the various government agencies and private sector institutions and individuals concerned, both on national, regional, and local levels. This process of policy and plan formulation, however, needs to be coordinated closely by a central government agency to ensure consistency of these plans and policies and optimal use of the nation’s scarce resources.
SECTION 2. National Economic and Development Authority.—The National Economic and Development Authority shall serve as an independent planning agency of the government.
SECTION 3. Powers and Functions of the Authority.—The powers and functions of the Authority are vested in the NEDA Board.
The Authority shall primarily be responsible for formulating continuing, coordinated and fully integrated social and economic policies, plans and programs, on the basis of the following:
(1) The State aims to achieve objectives of growth coupled with equity;
(2) Development leading to the attainment of the above mentioned goals is a multi-faceted process that calls for the coordination and integration of policies, plans, programs and projects of all sectors of society;
(3) In the formulation of basic policies, plans, programs and projects, there shall be maximum participation by and consultation with concerned private sector groups, community organizations and beneficiaries and local government units in order to ensure that priority needs are incorporated into such policies, plans, programs and projects;
(4) National plans shall be in fact the sum of nationally and regionally identified targets and strategies and locally formulated approaches to perceived local needs and priorities, carried out within the framework of national strategies;
(5) Major socio-economic policies, plans, programs and projects of different government agencies must be properly coordinated with the Authority at both the national and regional levels prior to their adoption, in order to ensure their consistency with established national priorities and coordination with other policies, plans, programs and projects of the government; and
(6) The linkage between development planning, programming and budgeting shall be of the highest priority in planning and budgeting activities.
The Authority, after due consultation with the private sector, community organizations and beneficiaries, local government units and appropriate public agencies, shall be responsible for studying, reviewing, formulating and recommending continuing, coordinated and fully integrated economic and development policies, plans and programs, including the formulation of annual and medium-term public investment programs, programming official development assistance in the form of grants and concessional loans from foreign governments and multilateral agencies and organizations and the monitoring and evaluation of plan implementation.
SECTION 4. Composition of the Authority.—The Authority shall be composed of two separate and distinct entities: the Board and the Secretariat.