Section 22Sec./Art. 22

Philippine Space Development Fund. -There is hereby created the Philippine Space Development Fund to be used exclusively for the PhilSA. The Philippine Space Development Fund shall be administered by the Director General of the PhilSA in accordance with existing government budgeting, accounting and auditing rules and regulations. The Philippine Space Development Fund shall be sourced from the following:

(a) The amount of Ten billion pesos (₱10,000,000,000.00) to be taken from the share of the National Government in the gross income of the Philippine Amusement and Gaming Corporation (PAGCOR) and the BCDA for five (5) years after the effectivity of this Act, an amount of Two billion pesos (₱2,000,000,000.00) per year shall be released to the PhilSA. The entire amount of Ten billion pesos (₱10,000,000,000.00), including any interest income thereon, shall be used exclusively for capital outlay;

(b) Income from specialized products, services, and royalties produced by the PhilSA; and

(c) Loans, contributions, grants, bequests, gifts, and donations whether from local or foreign sources: Provided, That acceptance of grants, bequests, contributions and donations from foreign governments shall be subject to the approval of the President upon the recommendation of the Director General of the PhilSA through the PSC.