There is hereby established a State Scholarship Program, hereinafter referred to as the Program, which shall be open to poor but deserving students who shall be selected annually from the graduating classes of all public and private high schools throughout the Philippines. Qualified students for the Program shall be granted scholarships and whose expenses, like tuition, matriculation, and other school fees, prescribed textbooks and equipment, board and lodging, clothing, travelling expenses, and miscellaneous allowances, shall be defrayed from the funds appropriated by law or contributed from other sources for the Program.