The Office of Economic Affairs, as the Archdiocesan Financial Council of the Archdiocese of Cebu, is composed of a body of Christian faithful who are deeply knowledgeable in financial affairs and civil law appointed by the Archbishop due to their expertise and integrity, as Canon 492 § 1 mandates. Their qualifications ensure the sound financial governance of the Archdiocese.

Each year, according to the Archbishop's directions, the Office of Economic Affairs prepares the budget for the income and expenditures foreseen for the entire governance of the diocese in the coming year. This process thoroughly reviews the previous year's financial performance and projections for the upcoming year. They administer the goods of the Archdiocese under the Archbishop's authority in accord with the budget determined by the Finance Council and, from the Archdiocese's income, to meet expenses which the Archbishop or others designated by him have legitimately authorized. In other words, the Office of Economic Affairs is a special institute that collects goods or offerings to support clerics who offer service for the benefit of the Archdiocese unless provision is made for them in another way, and at the end of the year, they examine an account of the revenues and costs. (Canons 493, 494 § 3 and 1274 § 1)