The Higher Education Development Fund.
Section 10
SEC. 10. The Higher Education Development Fund. — A Higher Education Development Fund, hereinafter referred to as the Fund, is hereby established exclusively for the strengthening of higher education in the entire country. The Government's contribution to the Fund shall be the following: the amount of Five hundred million pesos (P500,000,000) as seed capital; the amount of Fifty million pesos (P50,000,000) for the initial operation of the Commission; the equivalent of forty percent (40%) annual share on the total gross collections of the travel tax; the equivalent of thirty percent (30%) share of the collections from the Professional Registration Fee; and the equivalent of one percent (1%) of the gross sales of the lotto operation of the Philippine Charity Sweepstakes Office (PCSO). Starting Fiscal Year 1995 and every year thereafter, government financing institutions identified and requested by the Commission may contribute to the Fund an amount equivalent to not less than three percent (3%) but not more than five percent (5%) of their unimpaired surplus realized during the immediately preceding year. The Fund shall have a private portion to be raised from donations, gifts, and other conveyances including materials, equipment, properties and services by gratuitous title.