WHEREAS, the Presidential Committee on Flagship Programs and Projects has been created to orchestrate the identification, prioritization and implementation of flagship programs and projects of the government;

WHEREAS, the Economic Support Fund (ESF) Secretariat, which was established as an implementing agency for ESF funded projects, is now winding up its operations following the closure of the US bases in the country; and

WHEREAS, the ESF Secretariat has remaining assets which can be put to good use by the Presidential Committee on Flagship Programs and Projects;

NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:

Section 1. The transfer of the Economic Support Fund (ESF) Secretariat from the Office of the President to the Department of Public Works and Highways pursuant to Executive Order No. 149 dated 28 December 1993, is hereby deferred. Instead, the Office of the President, through the Presidential Committee on Flagship Programs and Projects shall oversee the abolition of the ESF Secretariat pursuant to the provisions of Executive Order No. 149.

Section 2. Pending the eventual abolition of ESF Secretariat, its functions, appropriations, other properties, choses in action, and assets and liabilities as well as personnel are hereby transferred to the Presidential Committee on Flagship Programs and Projects.

Section 3. All executive rules, regulations and other issuances or parts thereof which are inconsistent with the provisions of this Executive Order are hereby revoked or modified accordingly.

Section 4. This Executive Order shall take effect fifteen (15) days after the completion of its publication in at least one (1) national newspaper of general circulation.

DONE in the City of Manila, this 3rd day of February in the year of Our Lord, Nineteen Hundred and Ninety-Four.

(Sgd.) FIDEL V. RAMOS
President of the Philippines

By the President

(Sgd.) TEOFISTO T. GUINGONA, JR.
Executive Secretary