Section 17Sec./Art. 17

Solicitation of Grants.- The Chairman or President of the Corporation is hereby authorized, subject to the approval of the governing Board, to directly solicit, negotiate for and receive grants from any source, domestic or foreign, public or private, in accordance with existing laws.

For the purposes of this Act, grants shall include legacies, devises, gifts, donations, endowments and other transfers from any source, domestic or foreign, public or private, or the ownership and/or possession of real or personal properties, which transfers are free from any monetary consideration, it being understood that counterpart funding for such grants shall not be deemed as such consideration.

With respect to such grants, the following are hereby prescribed:

a. No grant shall be accepted if its terms and conditions are disadvantageous to the Corporation or the government;

b. The disbursement or use by the Corporation of any cash grant shall be, pursuant to a special budget approved by the governing Board, in consultation with the Department of Budget and Management, and subject to accounting and auditing laws, rules and regulations;

c. The Bureau of Customs shall give priority for the expeditious, safe, efficient and effective release from its premises of grants given to the Corporation under this Act;

d. The Chairman or President of the Corporation may, in his sound discretion, deputize members of the Integrated Police, Philippine Constabulary and other security forces of the government to escort and/or guard the grants given to the Corporation under this Act in order to ensure their safe and speedy transportation, delivery and custody by the Corporation's representatives;

e. Grants given to the Corporation under this Act shall be accorded utmost priority in transportation by national flag carriers and domestic common carriers; and

f. Not later than forty (40) days from the start of or receipt thereof, the President shall submit to the Director General of the National Economic and Development Authority a report about the grants being negotiated for and/or received by the Corporation, specifying therein the peso value, general descriptions, sources, summaries of terms and conditions, purposes, and date of start of negotiation or receipt of such grants.