Manila, April 15 -- The signing into law of the Department of Economy, Planning, and Development (DEPDev) Act is a "historic reform" and a "national victory," according to Senator Juan Miguel Zubiri.

Republic Act (RA) 12145, signed by President Ferdinand R. Marcos Jr. on April 10, reorganized the National Economic and Development Authority (NEDA) into a full-fledged Cabinet-level department.

"We are now equipping the agency with the power and resources it needs to drive real economic progress for the Filipino people," Zubiri, chair of the Senate Committee on Economic Affairs and principal author of the DEPDev Act, said in a news release Tuesday.

The new law grants DEPDev broader authority to harmonize national and local economic strate...