▁Reform ▁and ▁P over ty ▁Alle viation ▁Act ; ▁the ▁Philipp ine ▁Econom ic ▁Zone ▁Law ; ▁Am end ment ▁to ▁the ▁Special ▁Econom ic ▁Zone ▁Law ; ▁the ▁Ret ail ▁Trade ▁Liberal ization ▁Law ; ▁Regional ▁Head quarters ▁Law ; ▁and ▁the ▁Com pre h ensive ▁Tax ▁Reform ▁Law . ▁ ▁Senate , ▁July ▁ 1 , ▁ 2 0 0 1 ▁– ▁June ▁ 3 0 , ▁ 2 0 0 7 ▁Rect o ▁was ▁elected ▁to ▁the ▁Senate ▁in ▁ 2 0 0 1 , ▁becoming ▁the ▁young est ▁Senator ▁of ▁the ▁ 1 2 th ▁Congress ▁at ▁the ▁age ▁of ▁ 3 7 . ▁In ▁the ▁Senate , ▁he ▁cha ired ▁the ▁Comm itte es ▁on ▁W ays ▁and ▁Me ans ▁and ▁on ▁Trade ▁and ▁Indust ry . ▁ ▁Ar roy o ▁cabinet ▁After ▁his ▁failed ▁bid ▁for ▁re - e lection ▁to ▁the ▁Senate ▁in ▁ 2 0 0 7 , ▁Rect o ▁joined ▁the ▁board ▁of ▁the ▁Union ▁Bank ▁of ▁the ▁Philippines . ▁ ▁He ▁is ▁said ▁to ▁be ▁offered ▁the ▁position ▁of ▁Secretary ▁of ▁Fin ance ▁but ▁it ▁was ▁subsequently ▁denied ▁by ▁Mal ac añ ang . ▁ ▁President ▁Gl oria ▁Mac ap ag al - Ar roy o , ▁on ▁July ▁ 2 3 , ▁ 2 0 0 8 ▁named ▁him ▁as ▁the ▁new ▁director - general ▁of ▁National ▁Econom ic ▁and ▁Development ▁Author ity , ▁replacing ▁August o ▁Santos , ▁acting ▁N ED A ▁chief . ▁On ▁August ▁ 1 1 , ▁