Fishery Industry Development Fund.
Section 10
SEC. 10. Fishery Industry Development Fund. — To carry out the provisions of this Decree, there is hereby established a Fishery Industry Development Fund, hereinafter referred to as Fund, to finance the development of the industry. It shall be held in trust by the Central Bank of the Philippines and shall be constituted in the manner and from the sources hereinafter provided. An annual lease rental and/or permit fee per hectare of fishpond shall be collected based on a schedule to be prescribed by the Bureau of Fisheries with the approval of the Council. An annual fee for commercial fishing boat license on fishing vessels of more than three (3) gross tons shall be collected based on a schedule to be prescribed by the Bureau of Fisheries with the approval of the Council and the fish caught fee as prescribed in Act Numbered Four thousand three as amended shall not be imposed. Public officials of all agencies charged with the function of collecting the revenues proceeds, rentals, charges, duties and fees under this section are hereby directed to remit directly to the Central Bank any and all monthly collections thereof within fifteen (15) days of every succeeding month. The Central Bank as the trustee of the Fund is hereby authorized to invest the Fund and proceeds thereof shall form part of the Fund. The Fund shall be utilized for financing the requirements of the fishery industry: Provided, That the disposition, allocation and utilization of the Fund for the purposes envisioned in this Decree shall be the exclusive prerogative of the Council,