Based on the guidelines adopted by a committee composed of professors emeriti chaired by Dr. Ricardo Lantican, the recipient must be a regular member of the faculty of the University at the time of the award of the professorial chair or faculty grant. Each centennial professorial chair carries a grant of P100,000 while a faculty grant is worth P50,000.

The centennial professorial chair lectures shall be used to harness the varied expertise of UPLB's faculty to focus on the university itself and how the faculty can contribute to address the concerns of the external reviews and the purpose of the University. The theme for this year is Re-engineering, Revitalizing, Strengthening and Re-conceptualizing UPLB for the Next Century with sub themes reflecting on administration and governance; curricular reform programs, resources, arts and culture; food security and food safety; alternative energy, environment and natural resources; and other areas like nanotechnology and extension.

The faculty grants aim to provide incentives for faculty members who would like to develop instructional materials such as lecture syllabi, laboratory manuals and others. Thirty faculty grants were awarded for courses in agricultural economics, biology, chemistry, chemical engineering, electrical engineering, engineering science, food science, forestry, human ecology, human kinetics, humanities, microbiology, natural science and veterinary medicine.