National Economic and Development Authority (NEDA)
National Economic and Development Authority (NEDA) definition
The National Economic Development Authority (NEDA) is a major socio economic planning agency in the Philippines. It is widely recognized as the authoritative source for macroeconomic forecasting, policy analysis, and research in the Philippines. It also provides high-level assistance to members of Congress.
National Economic and Development Authority (NEDA) history
The National Economic and Development Authority may be traced back to 1935 when the Commonwealth of the Philippines was formed.
On December 23, 1935, President Manuel L. Quezon announced the institution of development and planning in the Philippine government by enacting Commonwealth Act No. 2.
The National Economic Council was then succeeded by various planning bodies such as the Economic Planning Board, the Program Implementation Agency, the Presidential Economic Council, and other economic bodies that were later incorporated into the National Economic and Development Authority.
The National Economic and Development Authority (NEDA) was founded in 1973, and it adopted its current structure and designation.
The Philippine Constitution established NEDA as the government’s independent planning agency in 1987. With the foundation of the NEDA, the activities of various socioeconomic agencies established by previous governments were now consolidated under a single government agency.
Responsibilities of the National Economic and Development Authority (NEDA)
The National Economic and Development Authority is responsible for coordinating operations such as formulating programs, plans, and projects to effectively establish broad objectives for national, regional, and local development.
Furthermore, NEDA is in charge of reviewing, evaluating, and monitoring infrastructure projects identified under the Comprehensive and Integrated Infrastructure Program.
NEDA ensures that they are consistent with the administration’s goal of increasing investment spending to meet the growing needs for quality infrastructure facilities.
Mission and vision of National Economic and Development Authority (NEDA)
The National Economic and Development Authority (NEDA) envisions a country in which the public and private sectors play their respective responsibilities efficiently, resulting in inclusive development and zero poverty.
Its mission is to provide continuous, coordinated, and integrated socio-economic policies, strategies, and programs that enable and empower every Filipino to live a secure, comfortable, and stable lifestyle.