The Fund for Assistance to Private Education, or FAPE, was created on November 5, 1968 by Executive Order No. 156, in implementation of the project agreement between the Philippine and United States governments to establish a permanent trust fund that would address the needs of the private education sector in the country.

In the 1960s, the Coordinating Council of Private Educational Associations, or COCOPEA, campaigned for a share in the Special Education Fund, which was from the surplus funds authorized by the War Damage Act of 1962. The private education sector successfully convinced the Philippine government that it has an important role to play in nation-building such that it not only deserved but also needed to be assisted financially.

The trustee of FAPE is the Private Education Assistance Committee (PEAC), which is headed by the Secretary of Education as its chairman. PEAC is also composed of representatives from the National Economic Development Authority (NEDA); Catholic Educational Association of the Philippines (CEAP); Association of Christian Schools, Colleges, and Universities (ACSCU); and the Philippine Association of Colleges and Universities (PACU).

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