History
FAPE was established in the sixties from the confluence of two factors, namely: the recognition of the crucial role of private education in national development and the campaign that had been launched by private school associations for the formation of an educational foundation that would address the needs of private education in the country.
In response to these factors, a perpetual trust fund was created under the initiative of the Philippine government with the help of the United States government.
FAPE was formally created by Pres. Ferdinand E. Marcos on November 5, 1968, by means of Executive Order No. 156, in implementation of the Project Agreement of June 11, 1968, between the Philippines and United States governments. The two governments therewith agreed to establish the Fund for Assistance to Private Education with the Private Education Assistance Committee (PEAC) as its trustee, and to allocate a Ps24 million irrevocable trust fund from the Special Fund for Education authorized under U.S. Public Law 88-94 as initial capital which would be augmented through donations, grants, and other transfers from private as well as public entities.
Since 1994, through prudent and expert management and through grants from the national government, FAPE is worth over Ps140 million. It has disbursed over Ps166 million worth of assistance programs since its creation. All disbursements have kept faith with the stipulations of the enabling instrument that the initial capital must be kept intact and unimpaired at all times, utilizing only the earnings therefrom.
Read more about this topic: Fund For Assistance To Private Education
Famous quotes containing the word history:
“No matter how vital experience might be while you lived it, no sooner was it ended and dead than it became as lifeless as the piles of dry dust in a school history book.”
—Ellen Glasgow (1874–1945)
“They are a sort of post-house,where the Fates
Change horses, making history change its tune,
Then spur away o’er empires and o’er states,
Leaving at last not much besides chronology,
Excepting the post-obits of theology.”
—George Gordon Noel Byron (1788–1824)
“The history of philosophy is to a great extent that of a certain clash of human temperaments.”
—William James (1842–1910)