Sec. 1. The percentage of net earnings to be declared and remitted by the following government owned and/or controlled corporations as dividends to the National Government (NG) as provided for under Section 3 of Republic Act No. 7656 is adjusted from at least fifty percent (50%) to the rates specified therein:
1. Land Bank of the Philippines 30% (cash)
2. Manila International Airport Authority 20% (cash)
3. Metropolitan Waterworks and Sewerage System 30% (cash)
4. National Electrification Administration 15% (cash)
5. Philippine Center for Economic Development 25% (cash)
6. Public Estates Authority 20% (cash)
In the case of Philippine National Oil Company (PNOC), a 50% dividend rate should be applied on its net earnings after deducting the remittance made to NG from the PETRON privatization proceeds equivalent to 50% thereof under Executive Order No. 37; provided further that said dividend should be paid in cash.