The University of Panama was founded on October 7, 1935, with a student body of 175 in the fields of Education, Commerce, Natural Sciences, Pharmacy, Pre-Engineering and Law. As of 2008, it maintains a student body of 74,059 distributed in 228 buildings around the country. The University of Panama was founded under the administration of the President of the Republic, Dr. Harmodio Arias Madrid. Its founder and first President was the distinguished citizen Dr. Octavio Méndez Pereira. The University of Panama is a state institution of superior, independent education, inspired by the highest civic, moral, and ethical values. The University of Panama was created by presidential decree on May 29, 1935. However, it began operations on October 7 of the same year in one of the wings of the Instituto Nacional (National Institute). Later on, under the administration of Enrique A. Jiménez, the government purchased around 60 hectares of land in the neighborhood of El Cangrejo, destined to be the future University's main campus.