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PHILIPPINE LAWS, STATUTES & CODES

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EXECUTIVE ORDERS

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EXECUTIVE ORDER NO. 227

EXECUTIVE ORDER NO. 227 - ADJUSTING THE DIVIDEND RATES OF SELECTED GOVERNMENT-OWNED AND/OR CONTROLLED CORPORATIONS ON THEIR 1996 NET EARNINGS PURSUANT TO Sec. 5 OF REPUBLIC ACT NO. 7656

WHEREAS, Section 1 of Republic Act No. 7656 provides that:

“Section 1. Declaration of Policy. — It is hereby declared the policy of the state that in order for the National Government to realize additional revenues, government-owned and/or controlled corporations, without impairing their viability and the purposes for which they have been established, shall share a substantial amount of their net earnings to the National Government.”  


WHEREAS, to support the viability and mandate of government-owned and/or controlled corporations (GOCCs), the liquidity, retained earnings position and medium-term plans and programs of these GOCCs were considered in the determination of the reasonable dividend rates of such corporations on their 1996 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 GOCCs in the interest of national economy and general welfare;

NOW THEREFORE, I, JOSEPH E. ESTRADA, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:

Section 1. The percentage of net earnings to be declared and remitted by the following GOCCs as dividends to the National Government as provided for under Sec. 3 of Republic Act No. 7656 is adjusted from at least fifty percent (50%) to the rates specified hereunder:

1. Cebu Port Authority   15% (cash)

2. Land Bank of the Philippines 30% (cash)


3. Mactan Cebu International Airport Authority  10% (cash)


4. Manila International Airport Authority 25% (cash)


5. Metropolitan Waterworks and Sewerage System 30% (cash)


6. National Electrification Administration   15% (cash)


7. National Power Corporation 10% (cash)


8. Philippine National Oil Company 10% (cash)


9. Philippine Retirement Authority 30% (cash)


10. PHIVIDEC Industrial Authority 20% (cash)


11. Public Estates Authority   50% (cash)


Sec. 2. The adjusted dividend rates provided for under Section 1 are only applicable on 1996 net earnings of the concerned government-owned and/or controlled corporations.  

Sec. 3. This Executive Order shall take effect immediately.

DONE in the City of Manila, this 3rd day of April, in the year of Our Lord, Two Thousand.

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