The DBCC was created on May 14, 1970 through the Executive Order No. 232 creating the Presidential Development Budget Committee (PDBC) and enumerating its functions and objectives.
Later, on March 1, 1972, the Integrated Reorganization Plan renamed the PDBC to its current appellation and attached it to the NEDA. In the same year on September 22, Presidential Decree (PD) No. 136 was issued, amending the Integrated Reorganization Plan to include the Executive Secretary in the Membership of the DBCC. In July 25, 1987, Executive Order No. 292 was issued to reorganize the NEDA including the DBCC to its composition today.
The role of the DBCC is primarily to review and approve the macroeconomic targets, revenue projections, borrowing level, aggregate budge level and expenditure priorities and recommend to the Cabinet and the President of the consolidated public sector financial position and the national government fiscal program.
Functions of the DBCC
Specifically, the DBCC is mandated with the following functions:
Aside from what was explicitly mentioned in the EO No. 232, listed bellow are other major functions of the DBCC:
The Committee is composed of the principals of the four member agencies and is chaired by the DBM Secretary. There is also an Executive Technical Board (ETB), which serves as the clearing-house of the DBCC and consists of the Undersecretaries and Directors of the DBCC member agencies.
The members of the DBCC have the following specific responsibilities:
To ensure close coordination on real, fiscal monetary and external sectors of the economy, the BSP was invited to attend as a Resource Institution to the DBCC, ETB and Sub-Committees under DBCC Resolution No. 98.1 dated June 22, 1998. As a resource institution, the BSP is responsible for the monetary measures and policies.