Executive Order No. 48 (2017) — pursuant to RA No. 7656, the— Secretary of Finance has recommended the downward adjustment of the percentage of the selected years' net earnings that shall be declared by these GOCCs as dividends to the National Government, in the interest of national economy and general welfare;

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Section 1

Section 1. —The percentage of net earnings to be declared and remitted by the following GOCCs as dividends to the National Government, as required under Section 5 of RA 7656, is adjusted from atleast fifty percent (50%) of their annual net earnings to zero percent (0%) for the years indicated below:

GOCC

Year

1. Clark International Airport Corporation

2014-2015

2. Poro Point Management Corporation

2014-2015

3. John Hay Management Corporation

2012-2015

4. Northern Foods Corporation

2010

5. LANDBANK Countryside Development Foundation, Inc.

2015

6. Philippine Export-Import Credit Agency

2014-2015

7. Philippine Postal Savings Bank, Inc.

2000-2015

8. National Food Authority

2014

Section 2

Section 2. —The adjusted dividend rates set forth in Section 1 are only applicable to the concerned GOCCs and the years stated above. 1aшphi1

Section 3

Section 3. —This Order shall take effect immediately.

DONE, in the City of Manila, this 13th day of December in the year of Our Lord, Two Thousand and Seventeen.

(SGD.)— RODRIGO ROA DUTERTE

By the President:

(SGD.)— SALVADOR C. MEDIALDEA Executive Secretary