For the time being, the Scholarship Program is only limited to five scholars subject to annual review on the anniversary date of the Agreement. The scholars, whose parents/guardian's annual income is not more than PhP75,000, must not be more than 30 years old and not presently enjoying any scholarship or study grant and must have a grade point average of 2.00 or higher in the last two years in college. The scholarship is open to any student from the Visayas regions and Bisaya speaking regions in Mindanao.

The scholar shall enjoy free tuition fee and textbook allowance of PhP1,000 per semester.

The Visayan Association of Australia (VAA), Inc. with principal office at 14 Anastasio Road, Liverpool, New South Wales, Australia, is a private organization with the aim of reaching out to the Visayas regions and Bisaya speaking regions of Mindanao by embarking in noteworthy projects such as implementing a Scholarship Program.