QuestionsQuestions (EXECUTIVE ORDER NO. 57)
PD 932 is the “Educational Assistance Act of 1976.” It aims to further democratize access to education by promoting the “study now pay later plan” and providing financial assistance to poor but deserving students, particularly in fields vital to the national economy.
It allows poor but deserving Filipino students to receive educational assistance in the form of loans from designated loanable funds, with loan payment generally handled through a payroll check-off system upon employment.
It creates an ELF initially constituted at Php 50,000,000.00, administered independently at the SSS and GSIS, each allocating Php 25,000,000.00 from investible funds through yearly contributions of Php 5,000,000.00 starting 1976-77.
No. The ELF is stated to be used to service eligible students regardless of whether their parents or any of them are members of SSS and GSIS.
PNB, DEP, and Land Bank are each required to set aside Php 5,000,000.00 of their annual investment portfolio for the purpose.
It provides that all private banking institutions and the Amanah Bank must also earmark a certain percentage of their investible funds for the purpose.
The Educational Assistance Policy Council determines the loan amount considering the number of years to complete studies and the amount needed for expenditures such as tuition and other fees, board and lodging, pocket money, books and supplies, and other miscellaneous expenses.
A guarantee fund authorized to be appropriated from the National Treasury in the initial amount of Php 1,000,000.00. Earnings guarantee charges and other credits from the operations of this loan fund accrue to the guarantee fund.
The Council imposes conditions for the guaranty and administers the Educational Loan Guarantee Fund.
Payment is made immediately upon employment under a payroll check-off system established by the Council.
The Council is composed of: the Secretary of Education and Culture (Chairman), Secretary of Labor (Vice-Chairman), Director-General of NEDA, Secretary of Finance, Secretary of Social Welfare, Budget Commissioner, Presidential Assistant on Youth and Sports Development, Governor of the Central Bank, Administrator of the SSS, and General Manager of the GSIS (or their alternates).
Examples: (1) Determine and issue policies, rules, and regulations to implement and enhance the program; (2) Issue guidelines to govern existing and future educational assistance programs of other government agencies and the private sector; (3) Enlist cooperation of schools and relevant institutions; (4) Perform other duties assigned by the President.
An inter-agency secretariat is created to assist the Council; its composition and functions are determined by the Council. PD 932 appropriates Php 200,000.00 annually to finance the secretariat’s operations under the budget of the Department of Education and Culture.
Any Filipino citizen who graduates from a duly authorized secondary school (public or private) and desires to pursue further studies may avail of assistance. The basic consideration is that the applicant is “poor but deserving.”
No. It explicitly includes graduates from duly authorized secondary schools, whether public or private.
It takes effect immediately upon publication of its implementing rules and regulations in two (2) newspapers of general circulation in the Philippines.
The Student Loan Fund Authority created under RA 6014 is abolished. Any acts or parts of acts inconsistent with PD 932 are repealed or modified accordingly.