Question & AnswerQ&A (Commonwealth Act No. 2)
The main purpose of Commonwealth Act No. 2 is to create the National Economic Council, prescribe its powers and duties, provide for its membership and compensation, and appropriate funds for its operation.
The National Economic Council can have not exceeding fifteen members appointed by the President with the consent of the Commission on Appointments of the National Assembly.
The members of the National Economic Council are appointed by the President of the Philippines with the consent of the Commission on Appointments of the National Assembly.
The National Economic Council's role is to advise the Government on economic and financial questions, including improvement and promotion of industries, diversification of crops and production, tariffs, taxation, and other related matters, and to formulate an economic program based on national independence.
The President of the Philippines designates the chairman of the National Economic Council.
Yes, the Council has the power to employ counsel and such other officers and employees as it considers necessary to plan the national economy.
Yes, with the approval of the President, the Council may authorize any of its members, officers, or employees to visit the United States or foreign countries to obtain necessary information related to its work.
The compensation of the members of the Council is fixed by the President.
Their salaries and other expenses are determined by a resolution of the Council, subject to the approval of the President.
One hundred fifty thousand pesos is appropriated out of the Philippine Treasury for the expenses of the National Economic Council.
This Act took effect upon its approval on December 23, 1935.