MOP, Bk 6 Pt.1, v.4, 303
(a) Advise the President in the exercise of his power of supervision and control over corporations owned or controlled by the Government; and over offices, agencies, or other instrumentalities of the government now existing or which may hereafter be formed or organized primarily for the development of the national economy;SEC. 3. In order to carry out effectively the terms of section 137 of Republic Act No. 265, in relation to Republic Act No. 266, all rehabilitation and development projects of any government-owned or controlled corporation, office, agency or instrumentality shall first be passed upon by the Economic Administrator who shall not take action upon any project or projects unless the same shall have first been declared by the National Economic Council to be in keeping with the over-all economic policy of the Government.
(b) Recommend to the President such policies and measures as may be necessary to coordinate the functions and activities of said corporations, offices, agencies or instrumentalities;
(c) Supervise, for and under the direction of the President, all such corporations, offices, agencies and instrumentalities for the purpose of insuring efficiency and economy in their operations, and to this end, shall check the operations of the corporations as provided in their budget, make periodic checks on the balance sheets and the reports submitted to him, recommend changes in the Board of Directors or of managing heads as may be fully warranted, and issue circulars on policy matters;
(d) Pass upon the development programs or projects of said corporations, agencies, offices, instrumentalities, and. to make recommendations thereon to the President for his final consideration;
(e) Pass upon the program of activities and the yearly budget of expenditures approved by the respective Boards of Directors of the said corporations; and
(f) Carry out the policies and measures formulated by the Government Enterprises Council with the approval of the President.
(a) Immediately upon the approval of any such project or projects, the Economic Administrator shall submit to the President a request for the release by the Central Bank, under the terms of section 137 of Republic Act No. 265, of the funds involved.SEC. 4. The Vice-President, and in his absence or disability or by his delegation the Economic Administrator, is hereby authorized to vote the stocks owned by the government in stock corporations owned or controlled by the Government, and shall recommend to the President from time to time changes in the boards of directors or managing heads of non-stock corporations or instrumentalities of the Government.
(b) The release of funds made pursuant to the preceding sub-section shall be made by the Central Bank to the Government of the Philippines through the Secretary of Finance, who shall notify the Economic Administrator thereof.