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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 61 - ADJUSTING
THE DIVIDEND RATE OF PHILIPPINE INTERNATIONAL TRADING CORPORATION
(PITC) ON ITS YEAR 2000 NET EARNINGS
WHEREAS,
PITC is a government-owned and/or controlled corporation (GOCC) created
by virtue of PD 252, as amended by PD 1071;
WHEREAS, Sec. 3 of Republic Act (R.A.) No. 7656 requires all GOCCs
to declare at least fifty percent (50%) of their annual earnings to the
National Government,
WHEREAS, Sec. 5 of the same R.A. 7656 provides that, in the interest
of national economy and general welfare, the percentage of annual net
earnings that shall be declared by a government-owned or controlled
corporation may be adjusted by the President of the Philippines upon
recommendation by the Secretary of Finance;
WHEREAS, to support the viability and mandate of PITC, its liquidity
and retained earnings position were considered in the determination of
the reasonable dividend rates of the corporation on its year 2000 net
earnings;
WHEREAS, the Secretary of Finance has recommended the adjustment of the
percentage of year 2000 net earnings of PITC as dividends to the
National Government.
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President 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 10th day of December, in the year of Our Lord, Two Thousand and
One.
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