Section 28Sec./Art. 28

Economic Development Committee (EDCom). - The EDCom shall be composed of the Secretaries of the DA, DBM, DEPDev, Department of Information and Communications Technology (DICT), DILG, DOE, DOF, DOLE, DOST, Department of Tourism (DOT), DOTr, DPWH, and DTI, and a representative designated by the Office of the President. The Governor of the BSP or a duly authorized representative shall sit in the meetings of the EDCom as a resource person.

The Secretaries of the DEPDev and the DOF shall serve as chairperson and vice chairperson of the EDCom, respectively.

The EDCom shall be responsible for harmonizing, coordinating, complementing, and synergizing efforts to ensure the country's rapid, inclusive, and sustained growth. For this purpose, the EDCom shall perform the following functions:

(a) Promote an environment conducive to the growth and competitiveness of private enterprises and the creation of jobs that will empower and provide people with opportunities to rise above poverty;

(b) Improve farms and rural enterprises, as well as trade policies vital to achieving food security and more equitable economic growth;

(c) Mitigate inflation and ensure food and energy security while balancing the interest of producers, consumers, and the economy;

(d) Undertake research and development that are relevant to and supportive of the requirements of micro,-, small-, and medium-enterprises (MSMEs) and for national industries;

(e) Improve national productivity and competitiveness of domestic products and services; and

(f) Ensure deep and wide distribution of economic opportunities and benefits to the Filipino people.

The EDCom may, as necessary, call upon any government institution or invite LGUs and representatives from the private sector to provide assistance in attaining its objectives.

To avoid duplication of efforts and forum shopping, the EDCom shall defer to the ED Council on matters within the primary purpose of the latter and its other inter-agency committees pursuant to this Act.

The DEPDEv shall serve as the Secretariat to the EDCom.

A sub-Committee on Inflation Monitoring and Market Outlook shall be established under the EDCom. The Sub-Committee shall serve as an advisory body to the EDCom on measures that will keep inflation within the government's inflation targets.