(CNN Philippines) Metro Manila — The Commission on Higher Education (CHED) said it will temporarily suspend applications to its scholarship program for incoming first-year college students due to “budget inadequacy.”

In a memorandum dated Feb. 21 and released to the public on Thursday, CHED relayed that it had to halt applications to the CHED Scholarship Program for academic year 2022-2023 since its 2022 budget for student financial assistance programs (StuFAPs) was not enough.

CHED chair Prospero De Vera also instructed regional offices to disseminate the information to prevent the spread of fake news that would confuse applicants.

The memorandum refers to the full and half scholarships under the State Scholarship and Private Education Student Financial Assistance.

They are intended for students entering first year college with a general weighted average of at least 96%, or its equivalent, for full merit program and 93% to 95%, or its equivalent, for half merit program.

These students must enroll in private higher education institutions, state universities and colleges or accredited local universities and colleges.