Section 1
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.