President Ferdinand R. Marcos Jr. has issued Executive Order (EO) No. 49 creating the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) under the Office of the President to ensure the effective integration, coordination and implementation of the various government investment and economic policies and programs.

“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 in issuing the order on Dec. 15.

Under EO 49, OSAPIEA shall be headed by a Special Assistant to the President for Investment and Economic Affairs (SAPIEA) with the rank of a Secretary.

OSAPIEA will be headed by Presidential Adviser on Investment and Economic Affairs Frederick D. Go.

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

The office will also take charge of making sure investment pledges are realized and come to fruition.

According to EO 49, 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) shall serve as Vice-Chairpersons.

The SAPIEA shall 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.

About sitting as Chairperson of the EDG, the SAPIEA is directed to supervise, on 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.” The said agencies are required to regularly report and coordinate with the SAPIEA on priority initiatives and PAPs.

Other functions include identifying problem areas in the implementation and submitting to the President a comprehensive report on such matters, including their status and ensuring timely execution, as well as close monitoring of the impact on identified targets of priority economic initiatives and PAPs.

Ensuring that the President’s priority investment and economic agenda is actively pursued, and inter-agency actions are expedited to achieve key targets are also part of the office’s mandate.

The head shall also sit as a member of NEDA Board, Investment Coordination Committee (ICC), Social Development Committee (SDC), Committee on Infrastructure (INFRACOM), and Development Budget Coordination Committee (DBCC).

The creation of the OSAPIEA is in accordance with the Marcos administration’s thrust to implement PDP 2023-2028 which aims to achieve economic and social transformation by steering the economy back on a high-growth path, ensuring inclusive growth, and creating an enabling environment that provides equal opportunities for all Filipinos in an innovative and globally competitive economy. (PNA)