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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 200 - ADJUSTING
THE DIVIDEND RATE OF THE DEVELOPMENT BANK OF THE PHILIPPINES (DBP) ON
ITS 2001 and 2002 NET EARNINGS PURSUANT TO Sec. 5 OF REPUBLIC ACT
NO. 7656
WHEREAS,
under Section 1 of Republic Act No. 7656, it is the declared policy of
the state that in order for the National Government to realize
additional revenues, government owned and/or controlled corporations,
without impairing their viability and the purposes for which they have
been established, shall share a substantial amount of their net
earnings to the National Government;
WHEREAS, Sec. 5 of Republic Act No. 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 and/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 the Development Bank
of the Philippines, their liquidity, capital position, retained
earnings and medium term plans and programs were considered in the
determination of the reasonable dividend rate on its 2001 and 2002 net
earnings; and
WHEREAS, pursuant to Sec. 5 of R.A. 7656, the Secretary of Finance
recommended the adjustment on the percentage of dividend rate for 2001
and 2002 net earnings that shall be declared by DBP to the National
Government, in the interest of national economy and general welfare.
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 21st day of April, in the year of our Lord, Two Thousand and Three.
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