President Ferdinand “Bongbong” Marcos Jr. on Thursday signed Republic Act 12145, or the Economy, Planning and Development Act, transforming the National Economic and Development Authority (NEDA) into a full-fledged executive department, the Department of Economy, Planning and Development (DEPDev).

The move strengthens the agency’s mandate, institutional independence, and capacity to serve as the Executive’s lead in national planning, policy coordination, and economic monitoring.

“The establishment of the DEPDev contributes to sound economic governance by bridging past and future development strategies, ultimately ensuring our upward development trajectory and that economic progress is sustained, remains resilient, and is beneficial to all Filipinos,” said Socioeconomic Planning Secretary Arsenio M. Balisacan.

The new law fulfills a long-standing constitutional vision, as outlined in Article XII, Section 9 of the 1987 Constitution, which allows Congress to establish an independent economic and planning agency.

Balisacan said the new law strengthens the agency’s mandate, institutional independence and capacity as the country’s primary policy, planning, coordinating, and monitoring arm of the Executive branch on the national economy.

With its transformation into a full-fledged executive department, NEDA’s reorganization into the DEPDev enables the agency to function more effectively, enhancing its ability and authority to ensure policy continuity and coherence through long-term strategic planning and foresight.

The DEPDev is mandated to ensure the alignment of institutionalized national and regional plans, the integration of long-term strategies into the budgeting process, and the pursuit of proactive approaches toward addressing emerging challenges. It is also tasked to strengthen the capacities of national and local government agencies in planning and policymaking to ensure equitable access to economic opportunities.