Home›Statutes›Executive Orders›Executive Order No. 132 (2021)
Executive Order No. 132 (2021)
—pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of net earnings that shall be declared by the Land Bank of the Philippines (LBP) as dividends to the National Government in Calendar Year (CY) 2019, to support the viability and mandate of the LBP, its liquidity, capital position, and plans and programs in the interest of national economy and general welfare;
Section 1.
Adjustment of Dividend Rate. —Pusuant 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 2019, is adjusted from at least fifty percent (50%) of its annual net earnings to 0%.
Section 2.
Coverage. —The adjusted dividend rate set forth in Section 1 of this Order is only applicable to the LBP for CY 2019,
Section 3.
Effectivity. —This Order shall take effect immediately.
DONE, —in the City of Manila, this 28th day of April, in the year of Our Lord, Two Thousand and Twenty-One.
(SGD.)— RODRIGO ROA DUTERTE
By the President:
(SGD.)— SALVADOR C. MEDIALDEA Executive Secretary