RA 9593 (The Tourism Act of 2009) Section 93

Capitalization and Funding.

Section 93

SEC. 93. Capitalization and Funding. — The DFPC shall have an authorized capitalization of Five hundred million pesos (Php500,000,000.00) which shall be fully subscribed by the national government. A minimum of fifty percent (50%) of the annual net profits of the DFPC shall be remitted automatically to the Office of the Secretary to fund tourism programs and projects, in lieu of its statutory remittance to the national government under Republic Act No. 7656, seventy percent (70%) of which shall be given to the TPB.

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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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