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 Irrevocable Trust, Creating A "Private Education Assistance Committee" as Trustee, and Providing For The

EXECUTIVE ORDER NO. 150 January 10, 1994

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 IRREVOCABLE TRUST, CREATING A "PRIVATE EDUCATION ASSISTANCE COMMITTEE" AS TRUSTEE, AND PROVIDING FOR THE

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...

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Summary of Executive Order No. 150

Purpose of the Fund (Sec. 1, 2):
- Establish the "Fund for Assistance to Private Education" as an irrevocable trust fund.
- Finance programs of assistance to private education using only the earnings (interest, dividends, capital gains).
- Provide grants and/or loans for:
  - Faculty training and development
  - Scholarships
  - Research grants
  - Faculty incentives
  - Inter-institutional cooperative projects
  - Other programs benefiting private education
- Exclude support for religious worship or instruction.
- Manage and administer contributions, donations, grants, bequests, gifts, and loans from the Philippine government for private education assistance programs.

Private Education Assistance Committee (Sec. 3):
- Serve as the trustee to administer, manage, and supervise the Fund.
- Composed of:
  - Secretary of Education, Culture and Sports (or representative) as Chairman
  - Representative from National Economic Development Authority
  - Representative from Catholic Educational Association of the Philippines
  - Representative from Association of Christian Schools and Colleges
  - Representative from Philippine Association of Colleges and Universities
- Members serve without compensation.

Additions to Trust Fund (Sec. 3, 8):
- The Trust Fund may be augmented by grants, donations, or other lawful transfers from:
  - The Philippine government
  - Any other public or private entity
- Disposition of principal and/or income governed by the provisions or special terms and conditions imposed.
- Unused earnings may be capitalized to increase the principal.
- The Trustee is authorized to receive and accept donations, contributions, and grants from Philippine government agencies and instrumentalities, including government-owned and controlled corporations.

Decision-Making (Sec. 4, 10):
- Decisions of the Trustee shall be made by a majority vote of all its members.