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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 289 - AMENDING
EXECUTIVE ORDER NUMBERS 183 AND 246 AND PROVIDING FOR THE ADJUSTMENT IN
THE DIVIDEND RATE OF THE PHILIPPINE PORTS AUTHORITY AND THE DEVELOPMENT
BANK OF THE PHILIPPINES ON THEIR 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, Sec. 5 of RA 7656 provides that:
“Sec. 5.
WHEREAS, Executive Order No. 183 was issued on 10 December 1999 providing for the adjustment in the dividend rate of the Philippine Ports Authority from fifty percent (50%) to fifteen percent (15%) on its 1999 net earnings.
WHEREAS, Executive Order No. 226 was issued on 03 April 2000 providing for the adjustment in the dividend rate of the Development Bank of the Philippines from fifty percent (50%) to ten percent (10%) on its 1999 net earnings.
WHEREAS, Executive Order No. 246 was issued on 20 May 2000 amending Executive Order No. 226 and providing for the adjustment in the dividend rate of the Development Bank of the Philippines from ten percent (10%) to thirteen percent (13%) on its 1999 net earnings equivalent to an amount not lower than P233M.
WHEREAS, in order to raise additional revenue for the National Government, there is a need for PPA and the DBP to remit additional dividends to the Bureau of the Treasury.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
DONE in the City of Manila,
this 22nd day of September, in the Year of Our Lord, Two Thousand.
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