Executive Order No. 209 (1994) — "Sec. 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-controlled corporations, without impairing their viability and the purposes for which they have been established, shall share a substantial amount of their net earnings to the National Government."

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Sec. 1 Sec. 2 Sec. 3 · This Executive Order shall take effect immediately

Sec. 1

Sec. 1. The percentage of net earnings to be declared and remitted by the following government-owned and-controlled corporations as dividends to the National Government as provided for under Sec. 3 of Republic Act No. 7656 is adjusted from at least fifty percent (50%) to the rates specified therein:

Manila International Airport Authority — ten percent

Metropolitan Waterworks and Sewerage System — twenty percent

National Development Company — zero percent

National Power Corporation — zero percent

Natural Resource and Development Corporation — forty percent

PHIVIDEC Industrial Authority — ten percent

Subic Bay Metropolitan Authority — thirty percent

Sec. 2

Sec. 2. The adjusted dividend rates provided for under Section 1 are only applicable on 1993 net earnings of the concerned government-owned and -controlled corporations.

Sec. 3

This Executive Order shall take effect immediately

Sec. 3. This Executive Order shall take effect immediately.

DONE in the City of Manila, this 24th day of October, in the year of Our Lord, Nineteen hundred and Ninety Four.