NEDA: Everything You Need To Know

The National Economic and Development Authority is a special body of the government that functions in ensuring that the proper programs are supported by the government that enables the Philippines’ economic growth.

It’s been tough times for the Philippines. With prices rising and inflation going out of control, it is become increasingly apparent that there is a need for strong leadership and guidance in economic related matters. Thankfully, the Philippines is not alone. The National Economic And Development Authority is here to provide the proper guidance and plans that will aid the country in its growth and economic stability, while helping maintain our current socioeconomic progress.

What is NEDA?

The National Economic And Development Authority, which makes up the acronym NEDA, is an advisory body and agencyn under the government who’s job is to provide analysis, research, and solutions to existing socioeconomic problems that have pervade in the Phillipines.

The agency was formulated  in 1987 under the Executive Order 230, as the newest reincarnation of the National Economic Council, also known as NEC. The NEC, born in 1935, would advise the country’s economic programs that aimed to bolster the blossoming independence of the Philippines at the time. While it went under different revisions, and was even nearly abolished at one point during 1950, the National Economic And Development Authority stands today as guiding light for lawmakers and leaders on how to accurately accomplish the country’s economic goals through socioeconomic development and planning.

NEDA Everything You Need To Know

How does National Economic And Development Authority help people?

The National Economic And Development Authority’s approach to problem solving involve creating economic plans the government can apply, formulating policies that can be put in practice, review existing standards and parameters for government projects, and research on ways to address any existing concerns of the Philippines through socio economic planning and development.

Through the NEDA, the government is guided accordingly how to approach economic problems. This in turn leads to proper planning of projects related to infrastructure, and others that are of national interest. From massive building projects, to creating plans of investment, all of these fall under the umbrella of functions that the NEDA provides.

What is the National Economic and Development Authority composed of?

It is through National Economic And Development Authority that Philippine Statistics Authority, the Philippine Statistical Research and Training Institiute, and the Philippine Institute for Development Studies can operate. These agencies are just some of the few that are attached to NEDA and who provide their own services.

The full list of NEDA attached agencies are the following:

  • Philippine Statistics Authority (PSA): An agency responsible for data collection, statistical surveys, national surveys, and keeps and publishes national data amongst it’s other functions
  • Philippine Statistical Research and Training Institute (PSRTI): The training center for statistical related matters, which can involve approaches to current statistical theories and practices in the hopes of improving current applications of national progress
  • Philippine Institute for Development Studies (PIDS): A think tank that engages in creating evidence-based studies that can aid leaders in creating and choosing policies that help the people.
  • Public-Private Partnership (PPP) Center: A coordinating agency that aids other agencies and institutions on planning and monitoring projects, enable activities of these agencies through proper preparation, etc.
  • Tariff Commission (TC): The main authority on economic measures regarding trade, the proper application of tariffs and other measures, and act as main authority in regards to trade and economic goals.
  • Philippine National Volunteer Services Coordinating Agency (PNVSCA): The agency mandated to handle volunteer services and programs, empowering and encouraging these efforts in the aid of national interest.
  • Commission on Population and Development (POPCOM): The body responsible for population-related program and efforts.

The National Economic And Development Authority is an agency primarily for advising the government on how to approach the country’s economic goals and socioeconomic development. This is through policy making, deciding on the programs to be implemented, and coordinating efforts for the imporvement of the Philippines’ current economic situation.  It is through the powers of the existing the NEDA Board Executive Committee (ExCom) that these plans are put in place.

The board is lead by the current President of the Philippines as the acting chairperson, with the current Secretary of the NEDA acting as the the vice-chairperson. The rest of the board is composed of secretaries of the assorted departments of the government, which include people such as the Secretary of Department and Budget Management, the Secretary of the Department of Energy, and the Secretary for the Department of Public Works and Highways as members.

How does National Economic And Development Authority help people

The full list of NEDA Board ExCom members are as follows:

  • The President of the Philippines
  • The Secretary of the National Economic and Development Authority
  • The Executive Secretary to the Office of the President (OP)
  • The Chairperson of the Mindanao Development Authority (MinDA)
  • The Deputy Governor of the Bangko Sentral ng Pilipinas (BSP)
  • The Secretaries of the following departments:
    •  Department of Budget and Management (DBM)
    • Department of Energy (DOE)
    • Department of Finance (DOF)
    • Department of Human Settlements and Urban Development (DHSUD)
    • Department of Public Works and Highways (DPWH)
    • Department of Trade and Industry (DTI)
    • Department of Transportation (DOTr)

The current Secretary is Dr. Arsenio Balisacan, who was the Planning Secretary of the National Economic And Development Authority  years prior.

Forests and their Importance

What are the services provided by NEDA?

The main services of NEDA include the following:

  • Formulation of development plans and frameworks, which include the existing Philippine Development Plan. Other creations of the NEDA are the Regional Development Plans, National Priority Plans, National Transport Policy, the Mindanao Strategic Development Framework.
  • Creating investment programs such as the Public Investment Program, the formation of the Investment Coordination Committee, forming the Comprehensive Integrated Infrastructure Program, and starting infrastracture flagship projects
  • Contract reviews
  • Monitoring and evaluation, such as the progress of the economy according to the Philippine Development Plan, creating reports of the current socioeconomic status, and provide the National Evaluation Policy Framework
  • Promoting  financial and economic literacy through their yearly program called the Economic and Financial Literacy Week.

The many regional offices of the National Economic And Development Authority also provide assorted services including project development, planning, budgeting, and various other technical services.

Real Estate in times of Economic Crisis

The National Economic And Development Authority and its related agencies are here to provide the regulating policies that ensure business is moving as usual. In these chaotic economic times, it’s important that people are properly guided in how to approach their business transactions, and are assured that things will be alright. Thankfully, even in such times, Brittany Corp is your friend in real estate. With our guided approach to buying real estate, you will not find any difficulty in getting started with your new home. Review the Buyer’s Guide for further inquiries.

Suggested Read: Philippine Highway Network: Everything You Need To know

Suggested Read: Financial Consumer Protection Laws And Digital Payments

Suggested Read: Conversation Starters For Real Estate Professionals

Suggested Read: Home Insurance For Your Luxury Home