Section 19Sec./Art. 19

The Creative Industry Development Fund. There is hereby established a Special Account in the General Fund with the National Treasury to be called the Creative Industry Development Fund, herein referred to as the Fund. The purpose of the Fund is for research and development, trade promotion, human resource development in the creative industry, and for the welfare of artists, workers and other stakeholders through business support organizations and creative workers associations. The Fund shall be capitalized and administered by the Council in accordance with existing government budgeting, accounting and auditing rules and regulations.

The Fund shall be sourced from the 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 recommendation of the DFA Secretary: Provided, further, That such grants, bequests, contributions, and donations shall be deductible for income tax purposes in accordance with the provisions of the National Internal Revenue Code, as amended.

The program of expenditure for the programs, projects, and activities to be funded by the Fund shall be itemized on a project-to-project basis and submitted annually to Congress. In the identification and prioritization of specific programs, projects, and activities, the Council shall conduct prior consultation with the representatives of the creative industry.