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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 183 - ADJUSTING
THE DIVIDEND RATE OF THE PHILIPPINE PORTS AUTHORITY (PPA) ON ITS 1999
NET EARNINGS PURSUANT TO Sec. 5 OF REPUBLIC ACT NO. 7656
WHEREAS,
Section 1 of Republic Act No. 7656 provides that:
“Section 1.
WHEREAS, pursuant to Sec. 5 of R.A. 7656, PPA has earlier submitted its request to the Department of Finance for an adjustment of its dividend rate obligation;
WHEREAS, pursuant to the approved Corporate Budget of PPA for CY 2000, no new port project could be funded in spite of the need as determined by its various Field Offices;
WHEREAS, to support the viability and mandate of PPA, its liquidity, retained earnings and medium term plans and programs were considered in the determination of the reasonable dividend rate of said corporation on its 1999 net earnings;
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.
Further, any amount saved under its reduced dividend obligation for
1999 shall be used exclusively for the construction, expansion and
maintenance of ports under PPA’s jurisdiction.
Sec. 3. Since 19.07.98.
DONE in the City of Manila,
this 10th day of December, in the year of Our Lord, Nineteen Hundred
and Ninety-Nine.
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