Section 23Sec./Art. 23

Museum Endowment Fund. – A Museum Endowment Fund is hereby established to be used for special programs, projects and activities of the Museum in accordance with Sec. 7 hereof. This Fund shall be administered directly by the Board of Trustees.

For this purpose, the sum of Five hundred million pesos (P500,000,000) is hereby appropriated from the following sources:

23.1 Two hundred fifty million pesos (P250,000,000) from the annual net earnings of the Philippine Charity Sweepstakes Office from its earnings in lotto;

23.2 Two hundred fifty million pesos (P250,000,000) from the annual net earnings of the Philippine Amusement and Gaming Corporation (PAGCOR).

Provided, That the foregoing appropriations shall be payable in quarterly remittances within a period of three (3) years until the amount of Five hundred million pesos (P500,000,000) is reached: Provided, further, That the regular operating budget of the Museum, including other operational costs such as the acquisition of collection materials for the national reference collections, procurement of equipment and supplies, studies and research in the various disciplines and exhibition of artistic and historical artifacts, shall be provided for in the General Appropriations Act: Provided, finally, That only the interest of the above Endowment Fund may be expended for the special projects and programs.

Donations and bequests to the Endowment Fund from the private sector will be exempt from any and all taxes. The Board of Trustees shall direct the investment of the Endowment Fund, and determine annual transfers from its earned interest to the Museum's special projects account.