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Executive Order No. 59 (2018)
—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 PSALM as dividends to the National Government for years 2004, 2007, 2008, 2013, 2014 and 2015, in the interest of national economy and general welfare;
Section 1. —Pursuant to Section 5 of RA No. 7656, the percentage of net earnings to be declared and remitted by the PSALM as dividends to the National Government is adjusted from at least fifty percent (50%) of their annual net earnings to 3.3030407%, or an estimated amount of P2.11 Billion, for calendar years 2004, 2007, 2008, 2013, 2014 and 2015.
Section 2. —The adjusted dividend rate set forth in Section 1 of this Order is only applicable to the net earnings of the PSALM for the years stated above.
Section—3. This Order shall take effect immediately.
DONE, —in the City of Manila, this 25th day of July in the year of Our Lord, Two Thousand and Eighteen.
(SGD.)— RODRIGO ROA DUTERTE
By the President:
(SGD.)— SALVADOR C. MEDIALDEA Executive Secretary