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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 359 - ADJUSTING
THE DIVIDEND RATES OF SELECTED GOVERNMENT OWNED AND/OR CONTROLLED
CORPORATIONS ON THEIR 1995 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 the 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 1995 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 government owned and/or controlled corporations in the interest of national economy and general welfare.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:
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DONE in the City of Manila,
this 16th day of August in the year of Our Lord, Nineteen Hundred and
Ninety-Six.
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