Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 37)
The main purpose is to create the Nayong Pilipino Foundation, a non-stock, non-profit public corporation aimed at promoting, encouraging, and initiating research and development projects in social sciences, humanities, social amelioration, tourism promotion, and related fields.
The objectives include conducting research in social sciences and humanities; formulating social welfare programs; encouraging financial and technical assistance; promoting dissemination of research results; establishing scholarships and professional chairs; developing parks and recreation centers for tourism; and building or maintaining research and educational facilities.
It is a body corporate organized as a non-stock, non-profit public corporation operating in the public interest, with no income benefiting its members.
The Board of Trustees composed of a Chairman and eight Members appointed by the President of the Philippines for a term of one year.
The Foundation has the power to sue and be sued; enter contracts; own and hold property; receive gifts, devises, or bequests; adopt a corporate seal; enact by-laws; and exercise all general corporate powers under Philippine Corporation Law.
Title to the property is transferred to the Foundation but cannot be transferred to another without Presidential authorization; the Foundation may mortgage the property only to carry out its objectives; and if dissolved or ceasing its objectives, the property reverts to the National Government without compensation.
No, it is exempt from all forms of taxation and from duties and imposts on equipment, articles, or goods imported for its operations.
It must submit an annual report to the President and Congress detailing its activities, financial condition, sources of receipts, and purposes of disbursements.
Any invalid clause or part does not affect or invalidate the remaining provisions of the Decree.
It took effect immediately upon its signing on November 6, 1972.