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CEBU CITY, Philippines -- President Gloria Macapagal-Arroyo has signed into law the new University of the Philippines Charter that would grant the university additional funds and strengthen the composition of its Board of Regents.

With the new Charter, UP will now also be recognized as a national university, comparable to the best in the region, and will acknowledge the authority of the chancellors and the university council as the highest academic body within each constituent university.

Arroyo led the signing ceremony at 10 a.m. Tuesday at the library building of the UP Visayas Cebu College here.

She was joined by UP president Emerlinda Roman, members of the Board of Regents, and Senator Francis Pangilinan, one of the bill's principal authors.

The new charter grants the university additional P100 million over and above its regular appropriation each year for the next five years.

It gives the university the flexibility to provide a more fair compensation package and to develop its assets.

It also exempts the university's academic awards from taxes and equipment purchased for academic purposes from customs duties.

The charter also strengthens the Board of Regents with the addition of an administrative staff regent, and affirms democratic access and governance.

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