Creation of the National Economic Council

Executive Order No. 17 is issued pursuant to Commonwealth Act No. 2.
The President acts under authority conferred by Article VII, Section 11, paragraph (4) of the Constitution.
The order establishes the National Economic Council through executive action, grounded on those constitutional and statutory bases.

Executive Order No. 17 creates and establishes the National Economic Council as a governing body for economic matters.
The Council must organize and adopt necessary rules and regulations for its proper functioning.
For the study and consideration of matters coming before it, the Council is empowered to obtain any information and expert opinion from all available sources.
The Council is authorized to appoint committees and constitute them as it deems necessary for study and consideration.
The Council may appoint persons to its committees based on qualifications, giving due consideration to the nature of the problems submitted.

Executive Order No. 17 designates the Secretary of Finance as Chairman of the Council.
The Council includes the Secretary of Agriculture and Commerce.
The Council includes the Chairman, Board of Directors, Philippine National Bank.
The Council includes the President, National Development Co.
The Council includes the President, Manila Railroad Company.
The Council includes the following named individuals: Joaquin M. Elizalde, Ramon J. Fernandez, Wenceslao Trinidad, Vicente Madrigal, Francisco Varona, and Ramon Soriano.

The National Economic Council must organize promptly after constitution.
The Council must adopt necessary rules and regulations to ensure its proper functioning.
The Council’s rules and regulations govern its internal operations and functioning consistent with its mandate to study and consider matters submitted to it.

The Council has authority, in the study and consideration of matters before it, to obtain any information from all available sources.
The Council may obtain expert opinion from all available sources for its deliberations.
The Council may appoint and constitute committees to study matters.
Persons may be appointed to committees based on the Council’s determination of special qualification.
The Council must apply due consideration to the nature of the problem(s) submitted to committees.

Until otherwise provided, members of the National Economic Council hold office up to December 31, 1937.
No later term beyond December 31, 1937 is established in the order, except where later provision is made.

The order is signed by MANUEL L. QUEZON, President of the Philippines.
It is issued “By the President” and signed by ELPIDIO QUIRINO, Secretary of the Interior.