MANILA -- The National Economic and Development Authority is set to become the Department of Economy, Planning and Development (DEPDev) after President Ferdinand Marcos Jr. signed the law creating its charter.

NEDA 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.

"By institutionalizing the DEPDev, we are committing to a future-ready, well-coordinated, and institutionally robust system for economic governance—one that can help drive sustained and inclusive growth and help us progressively realize our nation's long-term vision of a matatag, maginhawa, at panatag na buhay para sa lahat," said Secretary Arsenio Balisacan.  

NEDA said its transformation into a full-fledged executive department, will enable it 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," NEDA said.

The law is set to take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.