National Economic and Development Authority (NEDA) traces its roots back to 1973 as the government’s central planning body through Presidential Decree 107, exercising the functions then vested in the National Economic Council (NEC), the Presidential Economic Staff (PES), and other ad hoc economic bodies.

With the promulgation of Presidential Decree No. 107 on 24 January 1973, NEDA was created with Regional Offices each for the eleven administrative regions defined in the Integrated Reorganization Plan, which was subsequently increased to twelve under Presidential Decree No. 742.

Among the Luzon regional offices, NEDA Region 5 (Bicol Region) was the first to be organized. It started operating on August 24, 1973 with Mr. Bert B. Olaguer as its first regional director.