Revolving Fund.
Section 3
SEC. 3. Revolving Fund.—Receipts derived from business-type activities of Ministries, bureaus, offices or agencies which are authorized by law or by the Special Provisions in this Act to be constituted into a Revolving Fund shall be separately recorded and deposited in an authorized government depository bank, except as may otherwise be determined by the Permanent Committee created under SEC. 51 of P.D. No. 1177, and may be made available for operational expenses of the said activity of the agency concerned, subject to the conditions prescribed under the Special Provisions of the agency concerned and the rules and regulations as may be prescribed by the aforementioned Permanent Committee. The Revolving Fund shall be considered self-perpetuating and self-liquidating and all obligations or expenditures incurred by virtue of said business-type activities shall be charged against the Revolving Fund: Provided, That all interest earned shall accrue to and form part of the Revolving Fund: Provided, further, That interest earned shall accrue to and form part of the Revolving Fund to be used for the same purpose for which the fund is authorized. The Agency concerned shall submit to the Office of Budget and Management a monthly report of the income from this Fund and a quarterly report of expenditure. In case of failure to submit said requirements, the Office of Budget and Management shall order the suspension of all transactions on this account until such time that said requirements are complied with.