Section 51Sec./Art. 51

Appropriations. - A portion of the National Government capital contribution, either through subscription of common shares or of preferred shares, under Section 6 hereof shall be sourced from the following:

(a) Bangko Sentral ng Pilipinas (BSP) dividends.

For the first and second fiscal years upon the effectivity of this Act, one hundred percent (100%) of the BSP's total declared dividends, as computed under Republic Act No. 7653, also known as the "New Central Bank Act", as amended by Republic Act No. 11211, shall be remitted to the National Government for the capitalization of the MIC, in the amount not exceeding the Fifty billion pesos (P50,000,000,000.00) initial subscription of the National Government to the capitalization of the MIC under this section: Provided, That the Monetary Board may recommend to the President of the Philippines the reduction of BSP's dividend contribution to the MIC whenever economic conditions may warrant: thereafter, the dividends of the BSP shall be remitted to the National Government to fund the increase in the capitalization of the BSP in accordance with Section 2 of Republic Act No. 7653, as amended by Republic Act No.

11211:

(b) Government share in PAGCOR, and revenue from other government-owned gaming operators and/or regulators. Ten percent (10%) of the National Government's share from the income of the PAGCOR, as provided for in Presidential Decree No. 1869, as amended: Provided. That the share earmarked for the Universal Health Care Act under Section 37(b) of Republic Act No. 11223 shall not in any manner be diminished: Provided, further. That the above funding from PAGCOR will be for a period of five (5) years. Accordingly, other government-owned gaming operators and/or regulators shall also contribute ten percent (10%) of their revenues from gaming operations for a period of five (5) years;

(c) DOF-PMO Proceeds from the privatization of government assets, the amount of which shall be determined by the Privatization Council, subject to budgeting, accounting, and auditing laws, rules, and regulations subject to the conditions provided under Section 6 of this Act; and

(d) Other sources, such as royalties and/or special assessments, subject to budgeting, accounting, and auditing laws, rules, and regulations.

The amount of contribution provided in Section 6 shall be remitted to the National Treasury as a special account in the General Fund and are hereby appropriated solely for the payment of the MIC's capitalization subscribed by the National Government which shall not exceed fifty-one percent (51%) of the authorized capital stock. Thereafter, all funds collected under Section 6 shall be deposited to the National Treasury under the General Fund to support the national budget.