Section 6Sec./Art. 6

Section 11 of the same Act is hereby amended to read as follows:

"SEC. 11. The Revised AFP Modernization Act Trust Fund. There is hereby created a trust fund, to be known as the Revised AFP Modernization Act Trust Fund. Said trust fund, which shall be used exclusively for the AFP modernization program, including all necessary expenses to implement the procurement of equipment such as expenses for pre-selection and post-qualification stages, but not to include salaries and allowances, shall be funded out of the following:

"(a) Appropriations for the Revised AFP Modernization Program;

"(b) The proceeds from the sale of military reservations, as may be authorized by Congress, pursuant to the provisions of existing laws and regulations governing sales of government properties, including such immovable and other facilities as may be found therein, not otherwise covered by the Bases Conversion and Development Authority, as provided for in Republic Act No. 7227, as amended;

"(c) The proceeds from the lease or joint development of military reservations, as may be authorized by the President, pursuant to the provisions of existing laws and regulations governing lease or joint development of government properties, including such immovables and other facilities as may be found therein, not specifically enumerated under Republic Act No. 7227, as amended;

"(d) Shares of the AFP from the proceeds of the sale of military camps provided for under Republic Act No. 7227, as amended, and at least fifty percent (50%) of the proceeds, net of direct expenses authorized to be deducted from such proceeds from the lease and/or joint venture agreements and such other dispositions pertaining to the same camps in accordance with applicable and/or existing orders, rules, regulations and issuances.

"The DND or the AFP may assign to the Bases Conversion and Development Authority or designate it as disposition entity for the sale, lease or joint development of military reservations or portions thereof or facilities and immovables located therein not otherwise covered under Republic Act No. 7227, as amended, subject to the parameters set by the DND or the AFP and applicable laws, rules, regulations and other related issuances;

"(e) The proceeds derived from public-private partnerships entered into by the DND or the AFP, as may be authorized by the President, pursuant to the provisions of existing laws and regulations;

"(f) Proceeds from the sale of the products of the Government Arsenal and/or, in case of joint venture, all incomes earned from the equity share of the Government Arsenal from the joint venture;

"(g) The proceeds from the disposal of excess and/or uneconomically repairable equipment and other movable assets of the AFP and the Government Arsenal;

"(h) Funds from budgetary surplus, if any, as may be authorized by Congress subject to the provisions of Section 8 of this Act;

"(i) Donations coming from local and foreign sources, specifically earmarked to be used for the Revised AFP Modernization Program; and

"(j) All interest income of the trust fund.

"Funds from the foregoing sources, regardless of income source, shall be directly deposited to a special account in the general fund created specifically for the Revised AFP Modernization importation of the same by the APP shall likewise be exempt from the value-added tax and customs duties.

"SEC. 18. Congressional Oversight Committee. There is hereby created a Congressional Oversight Committee to monitor and oversee the implementation of the provisions of this Act. The Committee shall be composed of six (6) members from the Senate and six (6) members from the House of Representatives with the Chairpersons of the Committees on National Defense and Security of both Houses as Joint Chairpersons. The five (5) other members from each Chamber shall be designated by the Senate President and the Speaker of the House of Representatives, respectively. The Minority shall have at least two (2) representatives from both Chambers.

"SEC. 19. Sunset Review. As the need arises or within five (5) years after its effectivity, the Congressional Oversight Committee shall conduct a sunset review of this Act. The term sunset review shall mean a systematic evaluation of the accomplishments and impact of this Act, as well as the performance and organizational structure of its implementing agencies, for purposes of determining remedial legislation."