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