Thanks Mr Sun for pointing me to the help-about.
After un-install, and re-install that I explicitly select US(NTSC), I am still getting PAL. I even change my PC such that the time zone and location is US... still it does not help.
I finally get it resolved by deleting the settings in the registry. This together with setting the time zone and location to US (I do not know if this is necessary but since my system is already set, I just leave it) finally triggers PhotofunSTUDIO to NTSC...
With today's digital age, I am not sure why PAL/NTSC still matters. It kinda of blessing in disguise that I have NTSC; I get higher frame rate without compromising resolution...