Article 12 Section 9 of the 1987 Constitution:

The Congress may establish an independent economic and planning agency

headed by the President, which shall, after consultations with the appropriate
public agencies, various private sectors and local government units, recommend
to Congress, and implement continuing integrated and coordinated programs
and policies for national development.

Until the Congress provides otherwise, the National Economic and Development
Authority shall function as the Independent planning agency of the government.
On the basis of the constitution, an Independent Economic Planning agency
headed by the President is be established. This mandate requires that:
1. Central Economic Planning Body is Needed Economic planning is an
essential part of development policy which affects the direction of the
growth of the nation. Such economic planning may cover the whole
economy, or only certain sectors of the society or of a particular region of
the country.

2. The following Features and Functions are present the following are the
features and functions of the economic and planning agency which
Congress is mandated

1. Independent Economic and Planning agency headed by the President to be

established. (1) NEED FOR A CENTRAL ECONOMIC PLANNING BODY.
Economic planning is an essential part of development policy. It may cover
the whole economy, or only certain sectors of it, or particular region of a
country. (2) FEATURES AND FUNCTIONS. The following are the features and
functions of the economic and planning agency which Congress is
mandated to establish: (a) It is independent; (b) It is a central body for
economic planning and policy; (c) It is headed by the President, making it
the highest economic policy planning organ. (d) It shall prepare programs
and policies for national development; (e) It shall prepare such programs
and policies for approval of Congress; (f) It shall prepare, recommend, and
implement continuing, integrated, and coordinated programs and
policies: 1) continuing because it is a continuous process of preparation,
review and implementation, evaluation and follow-up; 2) Integrated
because it has to present a unified set of policies; 3) coordinated because
cooperation and interaction among all is essential to success any
development plan. (3)National Economic and Development Authority
(NEDA). This body shall function as the independent planning agency of
the government.

2. 29. SECTION 10: The Congress shall, upon recommendation of the

economic and planning agency, when the national interest dictates,
reserve to citizens of the Philippines or to corporations or associations at
least sixty per centum of whose capital is owned by such citizens , or such
higher percentage as Congress may prescribe, certain areas of
investments. The congress shall enact measures hat will encourage the
formation and operation of enterprise whose capital is wholly-owned by
Filipino.
3. 30. Filipinization of certain areas of investments. Congress shall reserve
citizens of the Philippines or to corporations or associations at least 60% of
whose capital is owned by such citizens or such higher percentage as
Congress may prescribe (up to 100%), certain traditional areas of
investments, upon certain conditions: (1) There is a recommendation by
the economic and planning agency ; and (2) The national interest so
dictates. In the grant of rights, privileges, and concessions covering the
national economy and patrimony, the State shall give preference to
qualified Filipinos. The State shall regulate and exercise authority over
foreign investments within its national jurisdiction and in accordance with
its national goals and priorities.
4. 31. Existing laws limiting certain activities to Filipino citizens or
corporations. Under the present laws, activities in the following, among
others, are limited to Filipino citizens or corporations wholly- owned by
Filipino citizens: (1) Operation of rural banks: (2) Engaging in the retail of
trade business; (3) Operations of registered overseas shipping; (4)
Engaging in the rice and corn industry; (5) Engaging in tax-free cottage
industries; (6) Contracts for the supply of materials, equipment, goods and
commodities for the government; and (7) Operations of atomics energy
facilities. Regulation of foreign investments (1) Sources of investment. (2)
Kinds of investment. (3) Benefits and negative aspects of foreign direct
investments. (4) Need for foreign investment in the Philippines. (5) Foreign
investment policy. (6) Objective of regulation.