PCED was established by Presidential Decree No. 453 (May 13, 1974) as a “distinct corporate personality … to give financial and moral support to the School of Economics of the University of the Philippines.” The PCED supports the School of Economics so that the latter can “undertake … at a larger scale” the following functions:
- conduct research and studies oriented towards national policy and the needs of national development in the field of economics;
- conduct training programs designed to provide the government and the nation as a whole of planners, analysts and economic statisticians and technicians skilled and knowledgeable in the problems of economic development;
- publish the results of research.
The PCED is governed by a Board of Trustees consisting of the following:
- The Director-General of NEDA (Chairman),
- The Executive Secretary,
- The Secretary of Trade and Industry,
- The Secretary of Finance,
- The Secretary of Budget and Management,
- The Governor of the Bangko Sentral ng Pilipinas,
- The President of the University of the Philippines, and
- The Dean of the School of Economics
In addition, two members may be appointed by the President of University of the Philippines, upon recommendation of the Dean of the School of Economics. (Section of 3 of P.D. 453).