WHEREAS, sustainability of the economic growth relies on efforts to increase the country ™s productivity level, which in turn would lead to higher income and higher domestic saving rate;

WHEREAS, the need to increase domestic saving rate would enable the country to finance infrastructure and social development projects that would greatly enhance the country ™s capability for global competitiveness;

WHEREAS, to sustain economic progress and development and faster growth of the country, increasing capital formulation through non-inflationary means, particularly savings in banks and other financial intermediaries, shall continue as government ™s priority initiatives;

WHEREAS, the country ™s drive to achieve higher domestic saving rate at par with other countries, consistent with sustained accelerated economic progress can be best achieved through collective efforts to all sectors of society and recognizing their role in savings and implementation of savings generation measures;

NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Philippines, by virtue of the powers vested in me by law, do hereby amend Executive Order No. 364, series of 1996, and reconstitute the National Commission on Savings which shall take charge of promoting higher level of domestic savings and productivity and enhance capital formation on a sustainable and nationwide scale;

a.	Secretary of Finance or his duly authorized representative	Chairman
b.	Governor, Bangko Sentral ng Pilipinas or his duly authorized representative	Co-Chairman
c.	Director General, National Economic and Development Authority or his duly authorized representative	Member
d.	Secretary of Education, Culture and Sports or his duly authorized representative	Member
e.	President of the Philippine Social Security Association	Member
f.	Chairman, Capital Markets Development Council	Member
g.	President, Bankers Association of the Philippines	Member
h.	President, Philippine Life Insurance Association	Member
i.	President, Investment Companies Association of the Philippines	Member

2. The Commission shall prepare, recommend and implement savings policies and advocacy measures, savings oriented reforms and programs necessary to enhance the mobilization and generation of savings on a nationwide scale which shall include, but not limited to:
   

(a) (b) (c) (d) (e)

4. The Commission is authorized to engage the services of qualified consultants to assist in the conduct of surveys, researches, studies and plans on savings enhancement and other similar activities for which specific expertise is needed. Likewise, the Commission may seek funding assistance from its members and international donor institutions.
   
   
5. The Commission is further authorized to call upon any department, bureau or instrumentality of the government, including government-owned and controlled corporations, for such assistance as may be needed in the discharge of its functions and responsibilities.
   
   
6. The annual budgetary requirements of the Commission for personal services, operating expenses and capital outlay shall be allocated in the annual General Appropriations Act under the Department of Finance. The positions of Executive Director, three (3) technical and (4) administrative staff are hereby created with compensation in accordance with the provision of Salary Standardization Law and shall act as Secretariat to the Commission, working committees and such other committees that may be created. Likewise, it shall be responsible for the day-to-day operations of the Commission.
   
   
7. This order shall take effect immediately.
   

DONE in the City of Manila, this 12th day of May, in the year of Our Lord, Two Thousand.


By the President:

RONALDO B. ZAMORA
Executive Secretary