Manila: President Ferdinand R. Marcos Jr. has abolished the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) and transferred its functions to the Office of the Executive Secretary (OES). The move aims to streamline Malaca±ang's investment and economic initiatives, under Executive Order (EO) 108 signed by Marcos on January 26 and made public Thursday.
According to Philippines News Agency, the decision reflects a need to streamline the initiatives of the Office of the President on investment and economic affairs. The goal is to establish a robust monitoring system and ensure a holistic approach to the economic challenges confronting the nation. The Executive Order states that the OSAPIEA will be abolished, and its powers, duties, and functions will be integrated into the OES, except for those already assigned to other agencies.
EO 108 also mandates the transfer of all OSAPIEA records, documents, resources, office spaces, and properties to the OES. Personnel from the abolished office may be transferred to the OES, dependent on existing laws, rules, and regulations. This restructuring follows the creation of OSAPIEA in 2023 under EO 49, which aimed to integrate and coordinate the government's investment and economic policies.
Previously, the Special Assistant to the President for Investment and Economic Affairs (SAPIEA) served as the chairperson of the Economic Development Committee (EDCom) and was a member of the key Economic Development Council (EDC) committees. EO 108 reassigns leadership of the EDCom to the Secretary of the Department of Finance, with the Secretary of the Department of Economy, Planning and Development serving as vice chairperson.
Further changes under EO 108 include the Executive Secretary taking over as chairperson of the Semiconductor and Electronics Industry Advisory (SEIA) Council, a key advisory body on the semiconductor and electronics industry. The order takes effect immediately upon its publication in the Official Gazette or a newspaper of general circulation.
