Senator Juan Miguel 'Migz' Zubiri has proposed a significant reorganization of the National Economic and Development Authority (NEDA) into a new entity called the Department of Economy, Planning and Development (DEPD). This initiative aims to enhance economic planning and implementation across various government agencies, reflecting a need for a more cohesive approach to economic growth in the Philippines. Zubiri emphasized the importance of a whole-of-government strategy to ensure that economic policies are aligned with local realities and regional development needs. The proposed DEPD is expected to create approximately 170 new positions, with an estimated cost of P116 million. Zubiri highlighted that this reorganization is crucial for maintaining the Philippines' competitiveness in Southeast Asia and ensuring continuity in economic policies across different administrations [d2fa91c5].
In conjunction with this proposal, President Ferdinand Marcos Jr. has been advocating for sound policies and political will to drive the country's economic growth. His administration is focused on leveraging the Philippines' youthful population, natural resources, and strategic location to attract foreign investments. Recent legislative measures, such as the liberalization of foreign ownership in key industries and the establishment of special economic zones, are part of this broader economic strategy. The CREATE Act, which reduced corporate income tax rates, and the recently signed CREATE MORE Act, which enhances tax incentives for large investments, further support this initiative [b43cd561].
The integration of Zubiri's DEPD proposal with the Marcos administration's economic policies could potentially create a more robust framework for economic development, ensuring that government efforts are synchronized and effective in addressing the challenges faced by the economy [64b26388].