President Benigno Aquino III on Friday signed his first Executive Order (EO) which establishes the "Philippine Truth Commission" which will "investigate allegations of anomalies during the last nine years," apparently referring to the nine-year rule of former President, Pampanga Rep. Gloria Macapagal Arroyo.

"The process of bringing a necessary closure to the allegations of official wrongdoing and impunity has begun," Aquino said in a statement read by Presidential Spokesperson Edwin Lacierda.

Aquino said this is pursuance to his promise to establish the truth commission within his first 100 days in office.

As Aquino said during his inauguration as President, former Supreme Court (SC) Chief Justice Hilario Davide Jr. heads the independent body whose hearing or proceedings will be open to the public, but if it is requested by the probable respondents or the witnesses, they will be made confidential.

The commission is tasked to investigate and find the truth behind the allegations of large-scale corruption cases involving government officials and their cohorts from the private sector in the last nine years, Aquino said.

"Tungkulin nitong magsiyasat at hanapin ang katotohanan sa mga matitinding alegasyon ng katiwalian noong nakarang siyam na diumano kinasangkutan ng mga opisyal ng pamahalaan at ng kanilang mga kasabwat sa pribadong sektor," Aquino said.

Noting that corruption in the Philippines has reached very alarming levels, and undermined the people's trust and confidence in government and its institutions, Section 1 of EO 1 states that "the Philippine Truth Commission shall primarily seek and find the truth on, and toward this end, investigate reports of graft and corruption of such scale and magnitude that shock and offend the moral and ethical sensibilities of the people, committed by public officers and employees, their co-principals, accomplices and accessories from the private sector, if any during the previous administration; and thereafter recommend the appropriate action or measure to be taken thereon to ensure that the full measure of justice shall be served without fear or favor."

The commission tasked to accomplish its mission on or before Dec. 31, 2012 will be composed of a chairman – Davide – and four members who will act as an independent body. The commission has the power to invite or subpoena witnesses and take their testimonies.

Justice Secretary Leila De Lima said some retired justices of the SC have been nominated for the four vacant positions in the commission.

Chief Presidential Legal Counsel Eduardo De Mesa said the budget for the commission will be provided by the Office of the President.

The commission may hold office at the former office of the Office of the Vice President at the Philippine International Convention Center, he said.

"The commiss ion which shall have all the powers of an investigative body under Section 37, Chapter 9, Book I of the Administrative Code of 1987, is primarily tasked to conduct a thorough fact-finding investigation of reported cases of graft and corruption referred to in Section 1, involving third level public officers and higher, their co-principals accomplices and accessories from the private sector, if any during the previous administration and thereafter submit its findings and recommendations to the President, Congress and the Ombudsman."

In particular, the commission shall: identify and determine the reported cases of such graft and corruption which it will investigate; collect; receive, review and evaluate evidence related to or regarding the cases of large scale corruption which it has chosen to investigate, and to this end require any agency, official or employee of the Exceutive Branch, including government-owned or controlled corporations, to produce documents, books, records, and other papers.