Executive Order No. 109 (2020) — —pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of the net earnings that shall be declared by the Land Bank of the Philippines (LBP) as dividends to the National Government for calendar year (CY) 2018, to support the viability and mandate of the LBP, its liquidity, capital position, and medium-term plans and programs, in the interest of national economy and general welfare;

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Executive Order No. 109 (2020)

—pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of the net earnings that shall be declared by the Land Bank of the Philippines (LBP) as dividends to the National Government for calendar year (CY) 2018, to support the viability and mandate of the LBP, its liquidity, capital position, and medium-term plans and programs, in the interest of national economy and general welfare;

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Section 1 · Adjustment of Dividend Rate Section 2 · Coverage Section 3 · Effectlvity

Section 1

Adjustment of Dividend Rate

Section 1.

Adjustment of Dividend Rate. —Pursuant to Section 5 of RA No. 7656, the percentage of net earnings to be declared and remitted by the LBP to the National Government for CY 2018—is—adjusted from at least fifty percent (50%) of its annual net: earnings to 0%.

Section 2

Coverage

Section 2.

Coverage. —The adjusted dividend rate set forth Section 1 of this Order is only applicable to the LBP for CY 2018. ℒαwρhi৷

Section 3

Effectlvity

Section 3.

Effectlvity. —This Order shall take effect immediately.

DONE, —in the City of Manila, this 18th day of March in the year of Our Lord, Two Thousand and Twenty.

(SGD.)— RODRIGO ROA DUTERTE

By the President:

(SGD.)— SALVADOR C. MEDIALDEA Executive Secretary