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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 292 - ADJUSTING
THE DIVIDEND RATES OF SELECTED GOVERNMENT OWNED AND/OR CONTROLLED
CORPORATIONS ON THEIR 1999 NET EARNINGS AND FURTHER ADJUSTING DIVIDEND
RATES OF THE LAND BANK OF THE PHILIPPINES ON ITS 1996, 1997 AND 1998
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 government owned and/or controlled corporations (GOCCs) and the government financial institution (GFIs), their liquidity, retained earnings position, capital position in real terms and medium-term plans and programs were considered in the determination of the reasonable dividend rates on the net earnings of such corporations.
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 the Manila International Airport Authority (MIAA), Public Estate Administration (PEA) and Land Bank of the Philippines (LBP) in the interest of national economy and general welfare.
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.
1.
2.
3.
Provided, however, that the dividend remittance of the MIAA and the PEA corresponding to their 1999 earnings should not be less than Pesos Two Hundred Fifty Five Million (P255M) and Pesos Six Million (P6M), respectively.
Sec. 2.
1996
Net earnings
1997 Net earnings
1998 Net earnings
Provided, however, that the dividend remittances of LBP on its 1996 and 1997 net earnings shall not be more than P465.44 and P446.56M to avoid the impairment of the capital position of LBP in real terms.
Sec. 3.
DONE in the City of Manila,
this 27th day of September, in the Year of Our Lord, Two Thousand.
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