Presidential Decree No. 1371 (PD 1371) — Amending Certain Sections of Presidential Decree No. 932 Otherwise Known as the "Educational Assistance Act of 1976"
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
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;
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:
SECTION 1. Section 2, par. 1(s) and (b), is hereby amended
to read as follows:
"1. Educational Loan Funds (ELF)
"(a) The Government Service Insurance System (GSIS) and the Social Security
System (SSS) shall set aside 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.
"(b) The Philippines 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 shall submit to the
Council the procedural guidelines for their participation.
SEC. 2. Section 2, par. 2(a) of the same Decree is hereby
amended to read as follows:
"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."
SEC. 3. Section 6 of the same Decree is hereby amended to
read as follows:
SEC. 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.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Assistant
SECTION 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.
"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."
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
