AMENDING EXECUTIVE ORDER NO. 156, SERIES OF 1968, AS AMENDED BY EXECUTIVE ORDER NO. 163, SERIES OF 1968, CONSTITUTING THE “FUND FOR ASSISTANCE TO PRIVATE EDUCATION” AS AN IRREVO…

WHEREAS, the “Fund for Assistance to Private Education” (hereinafter called
the “Fund”) was constituted under Executive Order No. 156, Series of 1968, as
amended, as an irrevocable trust fund for the purpose of providing a permanent
trust fund to finance various programs of assistance to private education,
pursuant to a “Project Agreement”, entered into a June 11, 1968, between the
Government of the Republic of the Philippines and the Government of the United
States of America, executed in accordance with the “Exchange of Notes” between
said Governments;

WHEREAS, it is necessary to extend full support to government policies and
programs to create and maintain a system of education relevant to the needs of
the people and society; and

WHEREAS, it is necessary that the structure and powers of the Private
Education Assistance Committee be strengthened in order that it can
independently fulfill its functions and responsibilities as trustee, manager
and administrator of the Fund.

NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by law and in pursuance
of the “Project Agreement” and the “Exchange of Notes” mentioned, do hereby
order the amendment of Executive Order No. 156, Series of 1968, as amended, as
follows:

Section 1. Amendment of
Section 2. – Section 2 thereof is hereby amended to
read as follows:

“SECTION 2. Purpose of
the Fund. The Fund shall be established for the purpose of financing
programs or assistance to private education, utilizing only the earnings
thereof, whether in the form of interest, dividends or capital gains, through
grants and/or loans for faculty training and development in the forms of a
scholarships, research grants, faculty incentives, inter-institutional
cooperative projects, and other programs of benefit to private education, but
excluding any support of religious worship or instruction. Contributions, donations,
grants, bequests, gifts and/or loans from the Government of the Republic of the
Philippines for programs of assistance to private education may be managed and
administered by the Private Education Assistance Committee as provided herein.”

SECTION 2. Amendment of
Section 3. Section 3 hereof is hereby amended to read as follows:

“SECTION 3. Composition
of Private Education Assistance Committee. A committee which will
serve as the trustee of the Fund and in this capacity shall administer, manage
and supervise the operations of the Fund, which shall be known as the ‘Private
Education Assistance Committee’ (hereinafter called the ‘Trustee’), is hereby
created and shall be composed of:

a. The Secretary of Education,
Culture and Sports or his representative, as Chairman;

b. A representative from the
National Economic Development Authority, as member;

c. A representative of the
Catholic Educational Association of the Philippines, as member;

d. A representative of the
Association of Christian Schools and Colleges, as member; and

e. A representative of the
Philippine Association of Colleges and Universities, as member.

The members of this Committee
shall serve without any compensation.”

SECTION 3. Amendment of
Section 8. – Section 8 thereof is hereby amended to read as follows:

“SECTION 8. Addition to
Trust Fund. The Trust Fund herein constituted may be augmented from
time to time by grants, donations or other lawful transfers by the Government
of the Republic of the Philippines, or any other public or private entity, the
disposition of the principal and/or income of which shall likewise be governed
by the provisions hereof, or such special terms and conditions as may be
imposed in the particular deed, bequest or other instrument of transfer
covering such grants, donations or other transfers, and agreed to by the
Trustee. Any unused earnings may be capitalized to increase the principal of
the Fund. In line herewith, the Trustee is hereby authorized to receive and
accept donation, contributions and other grants from the agencies and
instrumentalities of the Philippine Government including government-owned and
controlled corporations.”

SECTION
4. Substitutions
of the Provisions of Section 10. – The provisions of Section 10
thereof is hereby amended to read as follows:

“SECTION
10. Decision by Majority Vote. A
decision of the Trustee shall be made by majority of all its members.”

SECTION
5. Effectivity of
the Order. – This Executive Order shall take effect immediately.

DONE in the City of Manila, this 10th day of January, in the
year of Our Lord, Nineteen Hundred and Ninety-Four.

(Sgd.) FIDEL
V. RAMOS
President of the Philippines

By the President:

(Sgd.) TEOFISTO T. GUINGONA, JR.
Executive Secretary

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