WHEREAS, there is a compelling need to take advantage of the requirements and opportunities arising from globalization and borderless competition;

WHEREAS, in addressing commitments entered into with WTO, APEC, ASEAN and other related international organizations, there is an urgent need to continuously improve Philippine competitiveness through efficient utilization of scarce resources, simplified procedures, timely economic reforms and harmonized government policies and programs;

WHEREAS, in order to sustain the growth of the Philippine economy, there is need to fasttrack the implementation of priority programs, particularly the activities related to food security, housing, and priority infrastructure projects

WHEREAS, certain economic and development policies and programs require urgent and time-sensitive execution involving fiscal, trade, industry, agriculture and other investment matters;

WHEREAS, the power of control of the President over executive departments, bureaus and offices authorizes him to change, modify or alter decision of any executive department or office;

WHEREAS, to ensure quick response, there is a need to form an executive body that shall provide prompt and timely action;

NOW, THEREFORE, I JOSEPH EJERCITO ESTRADA, President of the Republic of the Philippines, by virtue of the powers vested on me by the Constitution, do hereby order:

SECTION 1. Constitution of the Economic Coordinating Council. There is hereby constituted an Economic Coordinating Council (hereinafter referred to as ECC), composed of the President as Chairman, Secretary of Finance as Vice-Chairman, and the following members: Executive Secretary, Secretaries of Trade and Industry, Budget and Management, Agriculture, Director General of the National Economic and Development Authority, and Chairman of the Housing and Urban Development Coordinating Council. The Governor of the Bangko Sentral ng Pilipinas (BSP) shall be an ex-officio member of the ECC, which membership is not inconsistent with the BSP ™s independence, as provided for in the Constitution to allow for economic policy coordination. Other concerned heads of agencies may be invited to participate in the ECC ™s activities as needed.

SEC. 2. Functions. The ECC shall have the following functions:

a. Ensure the consistency and complementation of all issuances, pronouncements, plans, programs and projects, and proposed legislation with the country ™s economic reform direction to further promote deregulation, liberalization, free and fair market competition and increased private sector participation;

b. Direct any office, agency or instrumentality of the government to expeditiously execute its functions to attain the objectives of this order; and

c. Exercise such other powers and perform such other duties as may be required.

SEC. 3. Primacy of Council Decisions. Decisions of the Council on urgent matters related to the country ™s economic recovery, specifically approved by its Chairman, shall overrule decisions or lack of decision of a department, bureau or office, subject to any Constitutional or legal limitation on the exercise of such Presidential power.

SEC. 4. Council Meeting Attendance. It is hereby required that attendance to the meetings of the ECC shall be strictly at the Cabinet level consistent with its thrust of quick response.

SEC. 5. Secretariat. A secretariat is hereby established which shall be fully supported by the Presidential Management Staff.

SEC. 6. Funding. To carry-out the provisions of this Order, the amount of Five Million Pesos (P5 million) shall be allotted as initial funding, which shall come from the budget of the Office of the President.

SEC. 7. Repeal Clause. All executive issuances or portions thereof, inconsistent with this Order, are hereby repealed or modified accordingly.

SEC. 8. Effectivity. This Executive Order shall take effect immediately.

DONE in the City of Manila, this 6th day of January, in the Year of Our Lord, Two Thousand.

(SGD.) JOSEPH EJERCITO ESTRADA
President of the Philippines

By the President:

(SGD.) RONALDO B. ZAMORA
Executive Secretary