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EXECUTIVE ORDERS
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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 Sec. 5 OF REPUBLIC ACT NO. 7656
WHEREAS,
Section 1 of Republic Act (RA) No. 7656 provides that:
“Section 1.
WHEREAS, Sec. 5 of RA 7656 provides that:
“Sec. 5.
WHEREAS, Pursuant to Section s 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.
Sec. 2.
Sec. 3.
DONE in the City of Manila,
this 20th day of May, in the year of Our Lord, Two
Thousand.
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