Section 10Sec./Art. 10

Panaon Island Protected Seascape-Integrated Area Fund. - There is hereby established a trust fund to be known as the Panaon Island Protected Seascape-Integrated Protected Area Fund (PIPS-IPAF) for purposes of financing projects and sustaining the operation of the PIPS and the NIPAS. All income generated from the operation and management of PIPS shall accrue to the PIPS-IPAF. The income shall be derived from fees and charges from the use of resources and facilities of the PIPS, and such other fees and income derived from the operation of the PIPS.

The PAMB shall retain seventy-five percent (75%) of all revenues raised through the above means, which shall be deposited in the PA-RIA in any authorized government depository bank within the locality: Provided, That disbursements out of such deposits shall be used solely for the protection, maintenance, administration, and management of the PIPS and implementation of duly approved projects of the PAMB.

The remaining twenty-five (25%) of revenues shall be deposited as a special account in the General Fund in the National Treasury for purposes of financing the projects of the NIPAS.

The fund may be augmented by grants, donations, and endowment from various sources, domestic or foreign: Provided, That the fund shall be deposited in full in a special account in the National Treasury and disbursements therefrom shall be made solely for the protection, maintenance, administration, and management of the NIPAS and for duly approved projects endorsed by the PAMB in accordance with existing accounting, budgeting, and auditing rules and regulations: Provided, further, That the funds shall not be used to cover personal services expenditures.

The LGUs shall continue to impose and collect all other fees not enumerated herein which they have traditionally collected, such as for business permits, property tax, and rentals of LGUs' facilities.

ARTICLE IV

MISCELLANEOUS PROVISIONS