Law Summary
Functions and Powers of the Council
- Advisory role to the Government on economic and financial issues.
- Covers areas such as industry improvement and promotion, crop and production diversification, tariffs, taxation, and other economic matters referred by the President.
- Responsible for formulating an economic program emphasizing national independence.
- Authorized to employ counsel, officers, and employees for planning the national economy.
- With presidential approval, may send members or employees abroad to obtain information relevant to its work.
Compensation and Expenses
- Member compensation is determined by the President.
- Salaries of officers and employees and other Council expenses are set by Council resolution, subject to presidential approval.
Appropriations
- Allocation of one hundred fifty thousand pesos from the Philippine Treasury for Council expenses.
Effectivity
- The Act takes effect immediately upon approval.