With the ultimate goal of strengthening the monitoring system and to address current economic challenges.
Through Executive Order No. 108, which was signed by Executive Secretary Ralph Recto wiyh authority from President Ferdinand Marcos, Jr., last January 26, the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) was abolished.
“There is a need to further streamline the initiatives of the OP on investment and economic affairs to further establish a robust monitoring system and ensure a more holistic and cohesive approach to address the diverse economic challenges currently confronting the nation,” read the order.
After its abolition, the powers, duties, and functions of OSAPIEA—except those that are within the powers, duties, and functions of other concerned agencies in accordance with their respective mandates—will be integrated into the Office of the Executive Secretary (OES).
Under the latest EO 108, the Secretary of Finance shall now serve as the chairperson of the Economic Development Committee (EDCom).
Meanwhile, the Secretary of the Department of Economy, Planning and Development (DEPDev) will now sit as the Vice Chairperson of the said committee.
Previously, the SAPIEA also served as Chairperson of the Semiconductor and Electronics Industry Advisory (SEIA) Council. That role will be assumed by the Executive Secretartly.
Back in 2023, President Marcos issued EO 49 that established OSAPIEA under the Office of the President to ensure the effective integration, coordination, and implementation of the government’s investment and economic policies and programs.