WHEREAS, more rapid national development further demands a steady and expanding supply of economic technicians both within and outside government who are specialists in various areas of technical work;
WHEREAS, a continuing interaction between government officials and academic research workers is mutually beneficial and in the interest of national development;
WHEREAS, to meet the above-mentioned demands it is necessary to provide adequate financial support so that existing programs for the development of qualified manpower and research on economic development can be strengthened, improved, and expanded;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in ma by the Constitution, do hereby decree and order the following to be part of the law of the land;
SECTION 1. Creation of the Philippine Center for Economic Development.—There is hereby created and established a Philippine Center for Economic Development, which shall be located at the University of the Philippines, with a distinct corporate personality. The function of the Center is to give financial and moral support to the research, teaching, training and other programs of the School of Economics of the University of the Philippines. The Center shall formulate a program for financing the academic and other programs of the School, including the endowment of faculty chairs.
The School of Economics nevertheless remains under the effective academic and administrative supervision of the University of the Philippines System. The School will undertake its academic functions at a larger scale to be made possible by the financial support of the Center, and in so doing will be assisted by the Advisory Committee of the Center; but the School will maintain a high degree of independence, relying on faculty initiative as the prime means of developing competent training and research. This shall pertain to all of the following functions of the School:
SEC. 2. Powers.—The Center shall have the following powers:
SEC. 3. Board of Trustees.—The affairs of the Center shall be managed by a Board of Trustees which shall be composed of nine members as follows:
SEC. 4. Functions and Responsibilities of the Board of Trustees.—The Board shall have the following functions:
SEC. 5. Executive Director of the Center.—The Executive Director shall be the executive officer of the Center and shall receive such salary and remuneration as may be determined by the Board of Trustees. He shall have the following powers and duties:
SEC. 6. Endowment Fund.—To provide a source for the funding of programs and projects of the Center, there is hereby established an Endowment Fund which shall be self-sustaining and shall consist of contributions, donations, bequests, grants and loans from domestic and/or foreign sources, government subsidy appropriations and other income accruing from the operations of the Center. For the initial organizational and operational requirements of the Center, there is hereby appropriated out of any fund in the National Treasury or other sources not otherwise appropriated the sum of Five Million Pesos (P5,000,000.00) and an annual amount of Two Million Pesos (P2,000,000.00) shall continue to be appropriated for six years to support the operations of the Center.
The Endowment Fund shall be administered as a Trust with the Board of Trustees of the Center as trustee thereof, provided that the principal of the fund shall not be impaired and that only the earnings thereof shall be available for expenditure.
SEC. 7. Finance Committee.—The Board of Trustees shall constitute a Finance Committee, composed of at least three members, to be headed by a member of the Board of Trustees, which shall administer the Endowment Fund for and shall be responsible directly to, the Board of Trustees. It shall advise and make recommendations to the Board of Trustees on matters pertaining to the funding aspect of programs proposed to be funded by the Center, on matters pertaining to maintaining the integrity of the Endowment Fund.
SEC. 8. Applicability of Procurement Restrictions.—Requirements and restrictions under existing laws and regulations on procurement of supplies and equipment and on contracting applicable to government-owned or controlled corporations shall not apply to the Center.
SEC. 9. Appointments and Discipline of Personnel.—Any provision of law to the contrary notwithstanding, appointments, compensation and discipline of the personnel in the staff of the Center shall be in accordance with the rules and regulations promulgated by the Board of Advisers and shall be exempt from the Civil Service Law, laws, rules and WAPCO; Provided, That any government retiree employed in the Center shall not be required to reimburse or refund any gratuity received from the government nor shall any pension or annuity to which he is entitled be suspended or reduced on account of his employment in the Foundation.
SEC. 10. Exemption from Taxes.—Any provision of existing laws to the contrary notwithstanding, any donation, contribution, bequest, subsidy or financial aid which may be made to the Center shall be exempt from taxes of any kind, and shall constitute allowable deductions in full from the income of the donors or givers for income tax purposes.
The Center, its assets, acquisitions, income, and its operations and transactions shall be exempt from any and all taxes, fees, charges, imposts, licenses and assessments, direct or indirect imposed by the Republic of the Philippines or any of its political subdivision or taxing authority thereof, except import taxes, duties and fees.
Done in the City of Manila, this 13th day of May, in the year of Our Lord, nineteen hundred and seventy-four.
(Sgd.) |
FERDINAND E. MARCOS | ||||||
President of the Philippines | |||||||
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By the President: | ||||||
(Sgd.) |
ALEJANDRO MELCHOR | ||||||
Executive Secretary |