On February 1, 1966, President Ferdinand E. Marcos dissolved the PIA and established the Presidential Economic Staff (PES) in its place through Executive Order No. 8. The PES retained all the functions of the PIA and in addition, it was tasked to establish ties with international financial institutions to help the government and the private sector to tap foreign credit and assistance. The PES was headed by Placido Mapa and Apolinario Orosa and translated the economic targets of the National Economic Council into actual projects.