ADJUSTING THE DIVIDEND RATES OF SELECTED GOVERNMENT OWNED AND/OR CONTROLLED CORPORATIONS ON THEIR 1995 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656

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WHEREAS, Section 1 of Republic Act No.
7656 provides that;

“Section 1. Declaration of Policy. It is hereby
declared the 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, to support the viability and
mandate of the government owned and/or controlled corporations (GOCCs), the
liquidity, retained earnings position and medium-term plans and programs of
these GOCCs were considered in the determination of the reasonable dividend
rates of such corporations on their 1995 net earnings;

WHEREAS, pursuant to Section 5 of RA
7656,  the Secretary of Finance recommended the adjustment on the
percentage of annual net earnings that shall be declared by various government
owned and/or controlled corporations in the interest of national economy and
general welfare.

NOW, THEREFORE, I, FIDEL V. RAMOS,
President of the Republic of the Philippines, by virtue of the powers vested in
me by law, do hereby order:

SECTION 1. The percentage of net earnings to
be declared and remitted by the following government owned and/or controlled
corporations as dividends to the National Government as provided for under
Section 3 of Republic Act No. 7656 is adjusted from at least fifty percent
(50%) to the rates specified hereunder:

Sec. 2. The adjusted dividend rates
provided for under Section 1 are only applicable on 1995 net earnings of the
concerned government owned and/or controlled corporations.

Sec. 3. This supersedes all other
issuances on this same subject matter.

Sec. 4. This Executive Order shall take
effect immediately.

DONE in the City of Manila, this 16^th day of
August in the year of Our Lord, Nineteen Hundred and Ninety-Six.

(Sgd.) FIDEL V. RAMOS
President of the Philippines

By the
President:

(Sgd.) RUBEN
D. TORRES
Executive Secretary

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