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December 21, 2023

President Marcos Creates Office to Oversee Investment and Economic Affairs

EO 49 PH
From CNN Philippines — https://www.cnnphilippines.com/news/2023/12/18/marcos-Special-Assistant-President-Investment-Economic-Affairs.html
December 21, 2023

READ EXECUTIVE ORDER 49: https://www.officialgazette.gov.ph/downloads/2023/12dec/20231215-EO-49-FRM.pdf

In a significant move on December 15, 2023, President Ferdinand R. Marcos, Jr. signed Executive Order (EO) No. 49, establishing the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA). This office aims to streamline and oversee the integration and execution of diverse government investment and economic strategies. Notably, OSAPIEA will be helmed by Frederick D. Go, the incumbent Presidential Adviser on Investment and Economic Affairs, who presently holds the rank of Secretary.

Under EO 49, the OSAPIEA's key mandates encompass chairing the Economic Development Group (EDG), collaborating with the EDG to identify and monitor priority initiatives outlined in the Philippine Development Plan (PDP) 2023-2028, and overseeing various government agencies (the Departments of Finance, Trade, Budget, and Economic planning, including their attached bodies) to ensure the effective implementation of their priorities. Moreover, the SAPIEA will act as the permanent representative of the Executive Secretary at the Fiscal Incentives and Review Board, responsible for evaluating, approving, and, for applications upwards of fifty billion pesos (~$1 billion) or with a commitment of at least 10,000 jobs created within three years, proposing investment incentives to the President.

This EO marks a strategic reconfiguration in governance and economic oversight, and seems to signal a renewed focus in enhancing coordination and efficacy within the Philippines' economic team.

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