President Ferdinand “Bongbong” Marcos Jr. has officially abolished the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) through Executive Order No. 108. The office was previously headed by now Acting Finance Secretary Frederick Go.
Under the EO dated January 26, OSAPIEA’s powers and functions will be integrated into the Office of the Executive Secretary as part of efforts to streamline initiatives on investment and economic affairs.
“There is a need to further streamline the initiatives of the OP on investment and economic affairs to further establish a robust monitoring system and ensure a more holistic and cohesive approach to address the diverse economic challenges currently confronting the nation,” the order stated.
Malacañang had earlier announced the move in November, following a Cabinet reshuffle that appointed Go as head of the Department of Finance.
OSAPIEA was originally established under EO 49 in 2023 to coordinate and implement the government’s investment and economic policies.
Under the new EO, the Finance Secretary will now serve as Chairperson of the Economic Development Committee (EDCom), while the Secretary of the Department of Economy, Planning, and Development will serve as Vice Chairperson.
Previously, the Special Assistant to the President for Investment and Economic Affairs also chaired the Semiconductor and Electronics Industry Advisory (SEIA) Council, the President’s key advisory body on the semiconductor and electronics sector.