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By virtue of the powers vested in me by Republic Act Numbered Four hundred twenty-two, I, Elpidio Quirino, President of the Philippines, do hereby order:

SECTION 1. There is hereby created an office to be known as the “Office of Economic Coordination.” The present Secretary of Economic Coordination shall be the head of the office to be hereafter known as the Administrator of Economic Coordination whose compensation and rank shall be that of a head of an Executive Department. The Administration shall be responsible to the President of the Philippines under whose control his functions are herein defined shall be exercised.

SEC. 2. There shall be in the Office of Economic Coordination a Deputy Administrator who shall be appointed, and shall receive such compensation as may be fixed, by the President of the Philippines. The Deputy Administrator shall perform such functions as the Administrator shall designate, and shall act as Administrator during the absence or disability of the Administrator, or in the event of vacancy in the office of the Administrator.

SEC. 3. The Administrator shall,

(a) direct, coordinate, and supervise the implementation of the economic rehabilitation and development program, which may be undertaken by the government with financial assistance in loans and grants from the United States, and adopt such policies and measures as may be necessary to provide for and obtain effective, efficient, economical and integrated execution of the said economic rehabilitation and development program through corporations owned or controlled by the government, or other instrumentalities now existing or which may hereafter be formed or organized for the development of the national economy, and through participation by private enterprise, with the view to extending to the greatest number among masses their just share in the benefits of a more productive and stable economy;

(b) supervise, as a vigilant stockholder, corporations owned or controlled by the government (except the Central Bank of the Philippines, the Rehabilitation Finance Corporation and the Philippine National Bank) for the purpose of insuring efficiency and economy in their operations and effective accomplishment of the objectives for which they were created, and to this end:

(1) vote the shares of stock owned by the government and by its instrumentalities and exercise all the rights of a stockholder in stock corporations owned or controlled by the government, and recommend to the President of the Philippines changes in, and the persons to be selected as, members of the boards of directors and managing heads of both stock and non-stock corporations and instrumentalities;

(2) pass upon new development programs and projects, and upon programs of activities and annual and supplemental budgets of income and expenditures approved by the respective boards of directors of the said corporations;

(3) cause periodic checks, analyses and appraisals of accomplishments and financial operations and condition of the said corporations;

(c) carry out the policies and measures formulated, and projects recommended by the National Economic Council and duly approved by the President of the Philippines, affecting government-owned or controlled corporations;

(d) perform such functions, as may be directed or delegated to the Administrator by the President of the Philippines, or as may be authorized by law.

SEC. 4. The provisions of section 3 (b) hereof notwithstanding, the Boards of Directors of the Corporations owned or controlled by the government shall maintain their autonomy, subject only to such public policy as may be established or as directed by the President.

SEC. 5. The amounts necessary for the salaries of the personnel, sundry expenses, and equipment of the Office shall be assessed against, and contributed by, the corporations and projects under its jurisdiction, in such proportion as may be determined by the Administrator with the approval of the President.

SEC. 6. In the appointment and promotion of officers and employees of the Office of Economic Coordination, merit and efficiency shall serve as bases, and no political test or qualification shall be prescribed and considered for such appointments or promotions. Any officer or employee of the Office of Economic Coordination found guilty of violating this requirement shall be removed from office.

All officers and employees of the Office of Economic Coordination shall be subject to the Civil Service Law, rules and regulations, except those whose positions may, upon recommendation of the Administrator, be declared by the President of the Philippines policy-determining, primarily confidential or technical in nature.

SEC. 7. The Department of Economic Coordination is hereby abolished. The personnel, records, assets and obligations of the said Department are hereby transferred to the Office of Economic Coordination. Any reference to the Department of Economic Coordination or to the Secretary of Economic Coordination in any existing law, or in any Executive Order, Administrative Order, or Proclamation of the President of the Philippines shall, with respect to any duty or function assumed by the Office of Economic Coordination created in this Order, be deemed hereafter to be reference to the Office of Economic Coordination or to the Administrator, respectively.

SEC. 8. All acts or parts of Acts and all Executive Orders, Administrative Orders and Proclamations or parts thereof inconsistent with any of the provisions of this Order are hereby repealed or modified accordingly.

SEC. 9. This Executive Order shall take effect upon its promulgation.

DONE in the City of Manila, this 22nd day of December, in the year of Our Lord, Nineteen Hundred and Fifty, and of the Independence of the Philippines, the fifth.


By the President:
(SGD.) TEODORO EVANGELISTA
Executive Secretary