ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Search for
www.chanrobles.com
:
EXECUTIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
EXECUTIVE ORDER NO. 260 - ADJUSTING
THE DIVIDEND RATES OF SELECTED GOVERNMENT OWNED AND/OR CONTROLLED
CORPORATIONS ON THEIR 1994 EARNINGS PURSUANT TO Sec. 5 OF REPUBLIC
ACT NO. 7656
WHEREAS, Section 1 of Republic Act
No. 7656 provides that;
“Section 1.
WHEREAS, to support the viability and mandate of the government owned and/or controlled corporations (GOCCs), the liquidity, retained earnings position and medium-term plan and programs of these GOCCs were considered in the determination of the reasonable dividend rates of such corporations on their 1994 net earnings;
WHEREAS, pursuant to Sec. 5 of RA 7656, the Secretary of Finance recommended the adjustment on the percentage of annual net earnings that shall be declared by various government owned and/or controlled corporations in the interest of national economy and general welfare.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order.
Section 1.
1.
2.
3.
4.
5.
6.
In the case of Philippine National Oil Company (PNOC), a 50% dividend rate should be applied on its net earnings after deducting the remittance made to NG from the PETRON privatization proceeds equivalent to 50% thereof under Executive Order No. 37; provided further that said dividend should be paid in cash.
Sec. 2.
Sec. 3.
DONE in the City of Manila,
this 14th day of July, in the year of Our Lord, Nineteen Hundred and
Ninety-Five.
chanrobles virtual law library
Back to Main
chan robles virtual law library
Since 19.07.98.