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PRESIDENTIAL DECREE NO. 1371
PRESIDENTIAL DECREE NO. 1371
- AMENDING CERTAIN SectionS OF PRESIDENTIAL DECREE NO. 932 OTHERWISE
KNOWN AS THE "EDUCATIONAL ASSISTANCE ACT OF 1976"
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WHEREAS,
under Presidential Decree No. 932 the Government has further
democratized educational opportunities promoting the "Study Now Pay
Later Plan" and specifying various schemes for its implementation;
and chanroblesvirtualawlibrary
WHEREAS, with the expanded coverage of the government's educational
program to provide the youth all available educational opportunities,
it has become necessary and expedient to increase the yearly
contribution, and such other benefits for the purpose of accelerating
the educational assistance program. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, hereby order and decree the amendment of Presidential
Decree No. 932, as follows:cralaw:red
Section 1. Section 2, par. 1(s) and (b), is hereby
amended to read as follows:cralaw:red
"1. Educational Loan Funds (ELF)
"(a) The Government Service Insurance System (GSIS)
and the Social Security System (SSS) shall set aside Eight Million
Pesos (P8,000.000.00) each annually as their yearly contribution to the
Educational Loan Fund from which qualified students may avail
educational assistance loans. This fund shall be used to service the
financial needs of eligible students regardless of whether or not their
parents of any of them are members of SSS or GSIS. chanroblesvirtualawlibrary
"(b) The Philippine National Bank, Development Bank
of the Philippines, and the Land Bank of the Philippines shall set
aside Eight Million Pesos (P8,000,000.00) each annually as their yearly
contributions to the Educational Loan Fund. These institutions shall
submit to the Council the procedural guidelines for their
participation."
Section 2. Section 2, par. 2(a) of the same Decree is
hereby amended to read as follows:cralaw:red
"2. Educational Loan Guarantee Fund (ELGF)
"(a) The sum of Five Million Pesos (P5,000,000.00) is
hereby appropriated from the funds of the National Treasury to
constitute the initial Educational Loan Guarantee Fund. For this
purpose the Budget Commissioner shall immediately release the funds
herein appropriated to the Department of Education and Culture.
Earnings, guarantee charges and other credits arising from the
operations of this Loan Fund shall accrue to the Educational Loan
Guarantee Fund."
Section 3. Section 6 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 6. An inter-agency secretariat, the composition
and functions of which shall be determined by the Council is hereby
created to assist the council in the implementation of this
program. chanroblesvirtualawlibrary
"A sum of Six Hundred Thousand Pesos (P600,000.00) is hereby
appropriated annually to be included in the budget of the Department of
Education and Culture to finance the operation and maintenance of the
Plan and the present Educational Assistance Unit which shall henceforth
be called the National Educational Loan Assistance Center to be headed
by an Executive Director who shall implement and monitor all plans,
policies, measures, rules and regulations issued by the Council in
close coordination with the lending institutions."
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 2nd day of May, in the year of Our Lord, nineteen hundred and
seventy-eight.
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