The measure passed Monday and was awaiting the signature of President Benigno Aquino III, the Philippines Daily Inquirer reported. Aquino is the son of former President Corazon Aquino and of Sen. Benigno Aquino, leader of the opposition to Marcos, who was assassinated at the Manila airport in 1983.
The bill sets up a Human Rights Victims Memorial Commission to help work out a curriculum to ensure the "lives and sacrifices" of those imprisoned and killed under martial law are remembered. The commission would also set up a library and museum.
The legislature authorized compensation for victims out of the money seized from Marcos and his wife, Imelda.
The fund would be allocated 10 billion pesos ($246 million).
"It is hereby declared the policy of the state to recognize the heroism and sacrifices of all Filipinos who were victims of summary execution, torture, enforced or involuntary disappearance and other gross human rights violations committed during the regime of former President Ferdinand E. Marcos covering the period from Sept. 21, 1972, to Feb. 25, 1986, and restore the victims' honor and dignity," the bill states.