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Executive Order No. 178 (2015)
in order for the Food Terminal, Inc. (FTI) to be fully compliant with its tax obligations, as well as its obligations under RA 7656 and Executive Order (EO) No. 323 (s. 2000), to retire all its long outstanding liabilities and to support FTI's viability and mandate, the dividend rate on FTI's 2012 net earnings under RA 7656 must be adjusted accordingly; and
SECTION 1. The percentage of net earnings to be declared and remitted by the FTI as dividends to the National Government, as required under Section 5 of RA 7656, is authorized to be adjusted downward from fifty percent (50%) to thirty-eight and 1/2 percent (38.5%), or an estimated total amount of PhP5.96 Billion for 2012.
SECTION 2. The adjusted dividend rate set forth in Section 1 above is only applicable to the 2012 net earnings of the FTI.
SECTION 3. This Order shall take effect immediately.
DONE in the City of Manila, this 18th day of February, in the year of our Lord, Two Thousand and Fifteen.
(Sgd.) BENIGNO S. AQUINO, III
By the President:
(SGD.) PAQUITO N. OCHOA, JR. Executive Secretary