EXECUTIVE ORDER NO. 227, April 03, 2000
ADJUSTING THE DIVIDEND RATES OF SELECTED GOVERNMENT-OWNED AND/OR CONTROLLED CORPORATIONS ON THEIR 1996 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
“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 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 1996 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
GOCCs in the interest of national economy and general welfare;
NOW, THEREFORE, I, JOSEPH E. ESTRADA, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:
The percentage of net earnings to be declared and remitted by the
following GOCCs 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:
| 1. | Cebu Port Authority | 15% (cash) |
| 2. | Land Bank of the Philippines | 30% (cash) |
| 3. | Mactan Cebu International Airport Authority | 10% (cash) |
| 4. | Manila International Airport Authority | 25% (cash) |
| 5. | Metropolitan Waterworks and Sewerage System | 30% (cash) |
| 6. | National Electrification Administration | 15% (cash) |
| 7. | National Power Corporation | 10% (cash) |
| 8. | Philippine National Oil Company | 10% (cash) |
| 9. | Philippine Retirement Authority | 30% (cash) |
| 10. | PHIVIDEC Industrial Authority | 20% (cash) |
| 11. | Public Estates Authority | 50% (cash) |
The adjusted dividend rates provided for under Section 1 are only
applicable on 1996 et earnings of the concerned government-owned and/or
controlled corporations.
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 3rd day of April, in the year of Our Lord, Two Thousand.
By the President:
(Sgd.) RONALDO B. ZAMORA
Executive Secretary