QuestionsQuestions (Commonwealth Act No. 2)
The National Economic Council was created by Commonwealth Act No. 2, approved on December 23, 1935.
The Council may have not more than fifteen (15) members, appointed by the President with the consent of the Commission on Appointments of the National Assembly.
Members hold office for such term as the President may prescribe.
The President designates the chairman of the Council.
Its purpose is to advise the Government on economic and financial questions and to formulate an economic program based on national independence.
Examples include: improvement and promotion of industries; diversification of crops and production; tariffs; taxation; and such other matters submitted by the President.
The Council is tasked with formulating an economic program based on national independence.
The Council has power to employ counsel and other officers and employees it considers necessary to plan the national economy.
The Council may authorize them, with the approval of the President, to visit the United States or foreign countries to obtain information necessary for its work.
The President fixes the compensation of the Council’s members.
They are determined by resolution of the Council, subject to the approval of the President.
The law appropriates one hundred fifty thousand pesos (Php 150,000) from any funds in the Philippine Treasury not otherwise appropriated.
It shall take effect on its approval.
It includes matters submitted to its consideration by the President, in addition to the economic and financial questions specified in the law.
Appointments by the President require the consent of the Commission on Appointments of the National Assembly.
The President designates the chairman, approves resolutions on salaries/expenses, fixes members’ compensation, and grants approval for foreign travel authorizations and other key actions as required by the Act.