MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ EXECUTIVE ORDER NO. 48, December 13, 2017 ]
ADJUSTING THE DIVIDEND RATE OF SELECTED GOVERNMENT -OWNED OR -CONTROLLED CORPORATIONS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, Republic Act (RA) No. 7656 requires all government-owned or -controlled corporations (GOCCs) to declare and remit at least fifty percent (50%) of their annual net earnings as cash, stock or property dividends to the National Government;
WHEREAS, in the interest of national economy and general welfare, RA No. 7656 permits the President of the Philippines, upon the recommendation of the Secretary of Finance, to adjust the percentage of annual net earnings to be declared and remitted by a GOCC;
WHEREAS, to support the viability and mandate of certain GOCCs, their liquidity, retained earnings position, and medium-term plans and programs were considered in the determination of the reasonable dividend rates on selected years' net earnings; and
WHEREAS, pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of the selected years' net earnings that shall be declared by these GOCCs as dividends to the National Government, in the interest of national economy and general welfare;
NOW, THEREFORE, I RODRIGO ROA DUTERTE, President of the Philippinezs, by virtue of the powers vested in me by the Constitution and existing laws do hereby order:
Section 1. The percentage of net earnings to be declared and remitted by the following GOCCs as dividends to the National Government, as required under Section 5 of RA 7656, is adjusted from atleast fifty percent (50%) of their annual net earnings to zero percent (0%) for the years indicated below:
| GOCC |
Year |
| 1. Clark International Airport Corporation |
2014-2015 |
| 2. Poro Point Management Corporation |
2014-2015 |
| 3. John Hay Management Corporation |
2012-2015 |
| 4. Northern Foods Corporation |
2010 |
| 5. LANDBANK Countryside Development Foundation, Inc. |
2015 |
| 6. Philippine Export-Import Credit Agency |
2014-2015 |
| 7. Philippine Postal Savings Bank, Inc. |
2000-2015 |
| 8. National Food Authority |
2014 |
Section 2. The adjusted dividend rates set forth in Section 1 are only applicable to the concerned GOCCs and the years stated above.1aшphi1
Section 3. This Order shall take effect immediately.
DONE, in the City of Manila, this 13th day of December in the year of Our Lord, Two Thousand and Seventeen.
(SGD.) RODRIGO ROA DUTERTE
By the President:
(SGD.) SALVADOR C. MEDIALDEA
Executive Secretary
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