Repeal of Prior Oversight Mandate
- Specifically, Section 5 of Executive Order No. 504 (s. 2006), which assigned policy oversight of BCDA to the Secretary of Trade and Industry, is expressly repealed.
- This repeal is effective immediately upon the issuance of this order.
Executive Authority and Legal Basis
- The order is issued by the President of the Philippines, exercising powers granted by law and the Constitution.
- It affirms the constitutional and legal authority of the President to reorganize agencies within the executive branch.
Formality and Effectivity
- The executive order is signed by the President and the Executive Secretary, underscoring its validity and enforceability.
- The order is dated March 24, 2006, signaling the official date of effect for the reassignment.