Title
EXECUTIVE ORDER NO. 520
Date
May 29, 1992
Corazon C. Aquino amends Executive Order No. 499 to include the Secretary of Foreign Affairs as a member of the Export and Investment Development Council, enhancing its capacity to promote Philippine exports and attract foreign investments.
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Law Summary

Background

  • Legal Basis: This Executive Order is issued by President Corazon C. Aquino, amending Executive Order No. 499 dated December 23, 1991.
  • Purpose: The amendment aims to include the Secretary of Foreign Affairs in the Export and Investment Development Council (EIDC) to enhance its functionality regarding export and investment development.

Composition of the Export and Investment Development Council

  • Amended Section: The composition of the Export and Investment Development Council is revised as follows:
    • Chairman: Secretary of Trade and Industry
    • Vice-Chairman: Secretary of Finance
    • Member: Secretary of Foreign Affairs
    • Member: Director-General of NEDA (National Economic and Development Authority)
    • Member: Governor of the Central Bank of the Philippines
    • Members: Four (4) Representatives of the Private Sector

Key Details

• The inclusion of the Secretary of Foreign Affairs reflects the government’s commitment to promoting exports and attracting foreign investments. • The Council’s role includes advising on export and investment efforts, assessing performance, identifying bottlenecks, and suggesting measures to enhance development.

Powers and Functions of the Council

  • Primary Functions: The EIDC is tasked with:
    • Providing advice on export and investment development efforts of the government.
    • Reviewing and assessing the country’s export and investment performance.
    • Identifying bottlenecks and problems affecting export and investment development.
    • Advising on specific measures to remove identified issues.

Key Details

• The Council acts as a strategic body to align government initiatives with market opportunities. • The Secretary of Foreign Affairs' involvement underscores the importance of international cooperation in improving national economic performance.

Effective Date

  • Implementation: The Executive Order takes effect immediately upon signing.
  • Date of Signature: May 29, 1992

Key Takeaways

  • The amendment to Executive Order No. 499 enhances the Export and Investment Development Council by including the Secretary of Foreign Affairs.
  • The Council is empowered to address issues related to export and investment, ensuring a coordinated approach to economic development.
  • The Executive Order is effective immediately, signaling prompt implementation of its provisions.

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