Law on Offshore Petroleum Royalties for Education

COMMONWEALTH

Section 1. Purpose. This law is enacted to provide for the allocation of a portion of the royalties generated from offshore petroleum activities to be dedicated towards education, in order to support and enhance the quality of education in the country.

Section 2. Definitions.

• "Offshore petroleum activities" refer to any exploration, drilling, production, or transportation of petroleum and petroleum products from the exclusive economic zone of the country.
• "Royalties" refer to the compensation paid by petroleum operators to the government for the right to explore and extract petroleum resources in the exclusive economic zone of the country.
• "Education" refers to all levels of formal instruction and learning, including but not limited to pre-school, primary, secondary, tertiary, and vocational education.

Section 3. Allocation of Royalties. Five percent (5%) of the total royalties generated from offshore petroleum activities shall be dedicated and set aside for education, to be known as the "Education Fund".

Section 4. Use of Education Fund. The Education Fund shall be used exclusively for education purposes, including but not limited to the following:

• improvement and upgrading of school facilities, equipment, and supplies;
• scholarships and financial assistance to students;
• teacher training and professional development;
• research and development in education; and
• other education-related programs and initiatives as determined by the competent education authorities.

Section 5. Lifetime of Dedication. The dedication of five percent (5%) of the total royalties generated from offshore petroleum activities for education shall be for the lifetime of the petroleum operations.

Section 6. Administration of Education Fund. The Education Fund shall be administered by the competent education authorities, in consultation with relevant stakeholders, and subject to regular audits and accountability measures.

Section 7. Repealing Clause. Any law or part thereof inconsistent with this law is hereby repealed.

Section 8. Effectivity. This law shall take effect fifteen (15) days after its publication in the official gazette.