The NWRB's functions and responsibilities are three-fold.
Formulation and coordination of policies, programs and standards relating to the Philippine Water Sector;
Management and regulation all water-related activities; and
Regulation and monitoring of water utilities.
The NWRB Board, composed of five (5) cabinet secretaries, a representative from the academe and the executive director, is chaired by the Secretary of Environment and Natural Resources. Although independent, in so far as its regulatory and quasi-judicial functions are concerned, the NWRB is under the administrative supervision of the Department of Environment and Natural Resources, as an attached agency.