EXECUTIVE ORDER NO.

292
EXECUTIVE ORDER NO. 292 - ADJUSTING THE DIVIDEND RATES OF
SELECTED GOVERNMENT OWNED AND/OR CONTROLLED CORPORATIONS
ON THEIR 1999 NET EARNINGS AND FURTHER ADJUSTING DIVIDEND
RATES OF THE LAND BANK OF THE PHILIPPINES ON ITS 1996, 1997 AND
1998 PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656

WHEREAS, Section 1 of Republic Act No. 7656 provides that
!Section 1. "eclaration of #olic$. % &t is hereb$ declared the polic$ of the State that in order for the
National 'overn(ent to reali)e additional revenues, *overn(ent+o,ned and-or controlled corporations,
,ithout i(pairin* their viabilit$ and the purposes for ,hich the$ have been established, shall share a
substantial a(ount of their net earnin*s to the National 'overn(ent..
WHEREAS, to support the viabilit$ and (andate of *overn(ent o,ned and-or controlled corporations
/'011s2 and the *overn(ent financial institution /'3&s2, their li4uidit$, retained earnin*s position, capital
position in real ter(s and (ediu(+ter( plans and pro*ra(s ,ere considered in the deter(ination of the
reasonable dividend rates on the net earnin*s of such corporations.
WHEREAS, pursuant to Section 5 of RA 7656, the Secretar$ of 3inance reco((ended the ad5ust(ent on the
percenta*e of annual net earnin*s that shall be declared b$ the 6anila &nternational Airport Authorit$
/6&AA2, #ublic Estate Ad(inistration /#EA2 and 7and 8an9 of the #hilippines /78#2 in the interest of
national econo($ and *eneral ,elfare.
N0W, :HERE30RE, &, ;0SE#H E;ER1&:0 ES:RA"A, #resident of the #hilippines, b$ virtue of the
po,ers vested in (e b$ la,, do hereb$ order
Section 1. :he percenta*e of 1<<< net earnin*s to be declared and re(itted b$ the 6&AA, #EA and 78# as
dividends to the National 'overn(ent as provided for under Section = of Republic Act No. 7656 is ad5usted
fro( at least fift$ percent /5>?2 to at least the rates specified hereunder.
1. 6anila &nternational Airport Authorit$ /6&AA2 =>?
@. #ublic Estates Authorit$ /#EA2 @>?
=. 7and 8an9 of the #hilippines /78#2 >?
#rovided, ho,ever, that the dividend re(ittance of the 6&AA and the #EA correspondin* to their 1<<<
earnin*s should not be less than #esos :,o Hundred 3ift$ 3ive 6illion /#@5562 and #esos SiA 6illion /#662,
respectivel$.
Sec. @. :he percenta*es of dividend to be declared b$ the 78# on its 1<<6, 1<<7 and 1<<B earnin*s are further
ad5usted fro( the rates specified under EAecutive 0rder Nu(bers @@7, @@B and 1=1 to the rates specified
hereunder
1<<6 Net earnin*s 15.7?
1<<7 Net earnin*s <.7?
1<<B Net earnin*s >?
#rovided, ho,ever, that the dividend re(ittances of 78# on its 1<<6 and 1<<7 net earnin*s shall not be (ore
than #C65.CC and #CC6.566 to avoid the i(pair(ent of the capital position of 78# in real ter(s.
Sec. =. :his EAecutive 0rder shall ta9e effect i((ediatel$.
DONE in the City of Manila, this 27th day of September, in the Year of Our Lord, To Thousand!