BIZ BUZZ: DepDev in, DOF out?
It seems like the National Economic and Development Authority (Neda)— which will soon be known as the Department of Economy, Planning and Development (DepDev)—is now the new captain of the country’s economic team following its hard-won reorganization.
And the details are all in the new law that transformed the state’s top socioeconomic planning agency into a full-fledged executive department.
Under Republic Act No. 12145, signed by President Marcos on April 10, the secretary of DepDev will be the chairperson of the Economic Development Committee (EDCom), while the secretary of the Department of Finance (DOF) will serve as vice chair.
This looks like a demotion for the DOF, which had been the head of the government’s economic team at least in the past two administrations and halfway through the term of Mr. Marcos.
Recall that the president appointed the DOF chief as chair of the Economic Development Group when he signed an executive order in 2023 that reorganized and renamed what was previously known as the Economic Development Cluster.
It is still unknown how the provision evaded the DOF’s sight when the legislation was being deliberated in Congress. For now, Biz Buzz heard from the grapevine that the DOF has already raised the matter to Malacañang.
Apart from its top role in EDCom, the new law also appointed the secretary of DepDev as vice chair of the powerful Development Budget and Coordination Committee (DBCC), which is responsible for reviewing and approving the government’s macroeconomic assumptions and fiscal program. The DBCC is chaired by the budget secretary.
Indeed, it is a new era for Neda/DepDev. —Ian Nicolas P. Cigaral
Enjoy lounge access while it lasts
The travel bug has bitten so many Filipinos that the lounges at Ninoy Aquino International Airport have been overflowing with passengers.
These passenger lounges used to be restricted to those flying business and first class who paid top peso for their tickets.
But access has been expanded after credit card companies added entry into these comfortable lounges with free food and beverages, bathroom and shower facilities, and work stations as a perk for their valued clients holding top-tier or special partnership cards.
No surprise then that during peak travel hours, not all passengers entitled to lounge access could be accommodated. Others are also being asked to leave after three hours to make way for others.
The result? Irate premium class passengers and high net worth cardholders.
This explains why some credit card companies have notified their clients about changes in their privileges.
Holders of the BDO American Express platinum card, for example, have been told that they can no longer bring another guest with them into the PAGSS international lounges after May 31 this year. Starting June 1, 2025, only the cardholder will enjoy the unlimited complimentary lounge access when traveling overseas.
Security Bank Platinum cardholders, meanwhile, have only until May 26 this year to enjoy unlimited access to the local passenger lounges.
For sure, other credit card companies are also revisiting their terms and conditions.
So enjoy the perks while they last. — Tina Arceo-Dumlao
