MOP, Bk 11, v.5, 136
a) Review and recommend to the President appropriate action on such contracts or agreements requiring Presidential approval as may, from time to time, be referred to it by the President;SECTION 2. The Technical Committee shall be composed of the heads of the Government Financial Institutions, namely, the DBP, PNB, GSIS, SSS, and LBP. The members of the Committee shall elect who among them shall be its Chairman.
b) Prepare studies and reports, as may be requested by the President, in connection with said contracts and agreements, including but not limited to procedures and guidelines for ensuring fairness, efficiency, and honesty in the award as well as in the content thereof.