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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 228 - ADJUSTING
THE DIVIDEND RATES OF SELECTED GOVERNMENT-OWNED AND/OR CONTROLLED
CORPORATIONS ON THEIR 1997 NET 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 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 1997 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 the Land Bank of the Philippines (LBP) and National Electrification Administration (NEA) 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.
1.
2.
Sec. 2.
Sec. 3.
DONE in the City of Manila,
this 3rd day of April, in the year of Our Lord, Two Thousand.
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