The School of Economics Library started in 1965, when the School was established as a separate unit of the University of the Philippines. The Library collection of the former Institute of Economic Development and Research (IEDR) formed the nucleus of the School of Economics Library.

Over the years, the library has developed and expanded its collections of monographs, periodicals and other documents in support of the three functional programs of the School, namely: instruction, research and extension.

The Library moved into its three-storey building, financed with a grant from the Japanese government in April 1978 and subsequently opened its doors to the public in June 1978.

Located on the second floor are the Reserve and Circulation sections, the book stacks for the general collection on the north; the main reading room with a seating capacity of 150 on the west; and the offices and workroom on the south.  Also found on the second floor are the Discussion Room located on the south end of the reading room, a small Browsing Area on the southwest corner of the building, and a staff lounge on the southeast corner.

The third floor houses the Filipiniana and the Serial collections of the library.  It has a small reading area to accommodate a limited library users. Also found on the third floor are workrooms for the School’s publications, an Archives Room, a Discussion Room, and a Digital Room.