The "Higher Education Modernization Act of 1997," also known as Republic
Act No. 8292, was passed in 1997, and it significantly advanced the
University's corporate production function. The law allowed for a
fundamental change in the way public universities and colleges are
funded, giving them corporate rights while cutting state funding.
“The Resource Generation office shall function as the unit responsible for
the generation of earned income, grants, and gifts for the University.
Earned income shall be sourced from income generating projects (IGP)
from sales of products and services, payment for professional services,
rental of facilities, and other interest income.”
(Narvaez et.al., 2019, RG Manual p.2)