MANILA, Philippines - University of the Philippines (UP) Economics Professor Cayetano "Dondon" Paderanga has accepted President-elect Benigno Aquino III's offer to become socio-economic planning secretary of his incoming administration.

An ABS-CBN News source said Paderanga will take over as director-general of the National Economic and Development Authority (NEDA), replacing acting NEDA chief Augusto Santos, a career officer, when the new administration takes over on Wednesday.

Paderanga headed the same agency in the last 3 years of the government of Corazon Aquino, the late mother of the incoming president. He was also member of the Bangko Sentral ng Pilipinas (BSP) Monetary Board from 1993 to 1999.

He was executive director for the Philippines in the Asian Development Bank (ADB) from 2001 to 2003. Paderanga was reportedly initially reluctant to return to NEDA due to the heavy workload.

Paderanga is also chairman of the Board of the Institute for Development and Econometric Analysis (IDEA).

Paderanga finished his bachelor's degree in commerce from De La Salle University in 1968. He got his doctorate in economics in 1979 from Stanford University.

He was a visitng professor at Kobe University in Japan.

Paderanga's appointment also signals the return of the economic planning agency to professors of the University of the Philippines.

From 1986 to 2002, faculty from the UP and the prestigious UP School of Economics led the NEDA, among them, Solita 'Winnie' Monsod, Prof. Dante Canlas, Prof. Felipe Medallo, Prof. Cielito Habito, who is now with the Ateneo de Manila University (AdMU).

In 2002, President Arroyo named Romulo Neri, a marketing graduate of the UP School of Business Administration, as NEDA director-general. Neri eventually got involved in the overpriced National Broadband Network (NBN)-ZTE telecommunications deal and was replaced by former Senator Ralph Recto in July 2008.