Home›Statutes›Executive Orders›Executive Order No. 89 (2019)
Executive Order No. 89 (2019)
—to support the viability and mandate of the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), their liquidity, capital position, medium-term plans and programs were considered in the determination of their respective reasonable dividend rates on net earnings for selected years; and
Section 1.
Adjustment of Dividend Rate. —Pursuant to Section 5 of RA No. 7656, the percentage of net earnings to be declared and remitted by the following GOCCs as dividends to the National Government for the years indicated below, is adjusted from at least fifty percent (50%) of their annual net earnings to the following rates:
GOCC
Year
Rate
2016
0
1. Land Bank of the Philippines
2017
0.1
2. Development Bank of the Philippines
2017
0
Section 2.
Coverage. —The adjusted dividend rates set forth in Section 1 of this Order are only applicable to the concerned GOCCs and the years stated above.
Section 3.
Effectivity. —This Order shall take effect immediately.
DONE, —in the City of Manila, this 28th day of August in the year of Our Lord, Two Thousand and Nineteen.
(SGD.)— RODRIGO ROA DUTERTE
By the President:
(SGD.)— SALVADOR C. MEDIALDEA Executive Secretary