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EXECUTIVE ORDER NO. 246 - AMENDING
EXECUTIVE ORDER NO. 226 PROVIDING FOR THE ADJUSTMENT IN THE DIVIDEND
RATE OF THE DEVELOPMENT BANK OF THE PHILIPPINES ON ITS 1999 EARNINGS
PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
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| WHEREAS,
Section 1 of Republic Act (RA) No. 7656 provides that: “Section
1. Declaration of Policy. — It is hereby declared
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, Section 5 of RA 7656 provides that: “Section
5. Fible Clause. — In the interest of national
economy and general welfare, the percentage of annual net earnings that
shall be declared by a government-owned and/or controlled corporation
may be adjusted by the President of the Philippines upon recommendation
by the Secretary of Finance.”
WHEREAS, Pursuant to Sections 5 of RA 7656, the Secretary of Finance recommended the adjustment on the percentage of the annual net earnings that shall be declared by the DBP in the interest of national economy and general welfare; WHEREAS, Executive Order No. 226 was issued on 03 April 2000 providing for the adjustment in DBP’s dividend rate from at least fifty percent (50%) to ten percent (10%) of its 1999 net earnings; WHEREAS, in order to meet the revenue target of the National Government, there is a need for the DBP to remit additional dividend to the Bureau of the Treasury. NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic 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 DBP as dividends to the National Government as provided in Executive Order No. 226 is adjusted from 10% to 13% provided that such remittance should not be lower than P233 M. SECTION 2. The adjusted dividend rate provided for under Section 1 is only applicable on 1999 net earnings of the DBP. SECTION 3. This Executive Order shall take effect immediately. DONE in the City of Manila, this 20th day of May, in the year of Our Lord, Two Thousand. |
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