Republic of the Philippines
MALACAÑANG
Manila
BY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER NO. 764 November 3, 2008
ADJUSTING THE DIVIDEND RATE OF NAYONG PILIPINO FOUNDATION, INC. (NPFI) FOR ITS 2006-2007 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, Section 1 of Republic Act (RA) No. 7656 entitled "An Act Requiring Government-Owned or Controlled Corporations to Declare Dividends Under Certain Conditions to the National Government and for other purposes" 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 or conrolled corporations, without impairing their viability and the purpose for which they have been established, shall share a substantial amount of their net earnings to the National Government."
WHEREAS, Section 5 of RA 7656 provides that, "[i] the interest of national economy and general welfare, the percentage of annual net earnings that shall be declared by the government-owned or controlled corporations 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 Nayong Pilipino Foundation, Inc. (NPFI), the liquidity and medium-term plans and programs of NPFI were considered in the determination of the reasonable dividend rates on its 2006-2007 net earnings;
WHEREAS, pursuant to Section 5 of RA 7656, the Secretary of Finance has recommended the adjustment on the percentage of 2006-2007 net earnings that shall be declared by NPFI as dividend to the National Government, in the interest of national economy and general welfare.
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Philippines, do hereby order:
SECTION 1. The percentage of net earnings to be declared and remitted by the NPFI as dividends to the National Government as provided for under Section 3 of Republic Act No. 7656 is authorized to be adjusted to twenty-five percent (25%), or an estimated total amount of P10.80 Million for 2006-2007.
SECTION 2. The adjusted dividend rate provided for under Section 1 is only applicable on 2006-2007 net earnings of the NPFI.
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 3rd day of November, in the year of Our Lord, Two Thousand and Eight.
(Sgd.) GLORIA MACAPAGAL-ARROYO |
By the President:
(Sgd.) EDUARDO R. ERMITA
Executive Secretary
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