Tourism Promotions Fund.
Section 55
SEC. 55. Tourism Promotions Fund. — The proceeds of the following shall be placed in a special Tourism Promotions Fund to finance the activities of the TPB: The investment earnings from the Tourism Promotions Trust; An appropriation from the national government of not less than Five hundred million pesos (Php500,000,000.00) annually for at least five (5) years from the time of its constitution; Seventy percent (70%) of the fifty percent (50%) net income of the DFPC accruing to the Department, in lieu of its statutory remittance to the national government under Republic Act No. 7656, otherwise known as the Dividends Law of 1994; At least twenty-five percent (25%) of the fifty percent (50%) national government share remitted by the Philippine Amusements and Gaming Corporation (PAGCOR) to the national Treasury pursuant to Republic Act No. 7656; and At least twenty-five percent (25%) of the national government share remitted by the international airports and seaports to the National Treasury pursuant to Republic Act No. 7656. In no case shall promotions and marketing activities receive less than fifty percent (50%) of the annual utilization of the fund. Not more than ten percent (10%) of the fund shall be used for all other administrative and operating expenses of the TPB. The unallocated portion of the fund shall be earmarked by the TPB as follows: For use by the TIEZA in the development of TEZs; For the Department, to enhance its programs for development planning, heritage preservation and infrastructure development, and manpower training including, but not limited to, scholarships for trainings abroad, among others; or For such other purposes as may contribute to the development of the tourism industry. Portions of the net income of government corporations and other enterprises provided under this section due the TPB shall be remitted directly thereto on a quarterly basis.