PRESIDENT Ferdinand “Bongbong” Marcos Jr. has created the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) which is tasked to ensure the effective integration, coordination and implementation of the various government investment and economic policies and programs.
Marcos signed on Friday, December 15, 2023, Executive Order No. 49 creating to the OSAPIEA noting the need to further strengthen the existing mechanisms for formulation, coordination and implementation of the government’s economic initiatives, plans, policies and programs, as well as to establish a robust monitoring system to ensure a holistic and cohesive approach to addressing the diverse economic challenges currently confronting the nation.
The President appointed Presidential Adviser on Investment and Economic Affairs Frederick D. Go as the head of OSAPIEA.
Before he was appointed as presidential adviser on investment and economic affairs, Go held various positions in the Gokongwei Group of companies such as chairman of RL Commercial REIT, Inc., Altus Property Ventures, Inc.; vice chairman of Luzon International Premier Airport Development Corporation and a Trustee and the president of Robinsons Land Foundation, Inc. and Universal Cultural Foundation, Inc. He is a cousin of JG Summit president and CEO and Gokongwei Group leader Lance Gokongwei.
With this position, Go is tasked to provide Marcos timely, relevant, and strategic advice on economic matters and concerns, including among others, inflation, food security, and the increasing prices of key commodities.
The OSAPIEA is also mandated to ensure that investment pledges are realized and come to fruition.
Go will serve as chairperson of the Economic Development Group (EDG), while the secretaries of the National Economic and Development Authority (NEDA) and Department of Finance (DOF) shall serve as vice chairpersons.
He will also sit as a member of NEDA Board, Investment Coordination Committee (ICC), Social Development Committee (SDC), Committee on Infrastructure (INFRACOM), and Development Budget Coordination Committee (DBCC).
The EDG is tasked to identify the priority programs, activities and projects (PAPs) in the Philippine Development Plan (PDP) 2023-2028, as well as monitor, review and evaluate the progress of priority initiatives and PAPs of the administration.
“In relation to sitting as chairperson of the EDG, the SAPIEA is directed to supervise, in behalf of the President, the NEDA, DOF, Department of Budget and Management, Department of Trade and Industry and their respective attached agencies such as the Board of Investments, Philippine Economic Zone Authority, Securities and Exchange Commission, to ensure effective and efficient implementation of their respective priority initiatives and PAPs. The said agencies are required to regularly report and coordinate with the SAPIEA on priority initiatives and PAPs,” the Malacañang said.
“Other functions include identifying problem areas in the implementation and submit to the President a comprehensive report on such matters, including their status, and ensure timely execution, as well as close monitoring of the impact on identified targets of priority economic initiatives and PAPs,” it added.