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. 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.

chan robles virtual law librar
Back to Main

Since 19.07.98.

ChanRobles Virtual law Library

PHILIPPINE LAWS, STATUTES & CODES

//panonad. <![CDATA[ document.write(document.title) //]]>

EXECUTIVE ORDERS