MALACAÑAN PALACE
MANILABY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER No. 591
ADJUSTING THE DIVIDEND RATE OF METROPOLITAN WATERWORKS AND SEWERAGE SYSTEM ON ITS 2005 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, Section 1 of Republic Act (RA) No. 7656 provides that:
“Section 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 purpose for which they have been established, shall share a substantial amount of their net earnings to the National Government.”
WHEREAS, Section 5 of RA 7656 provides that, “[i] the interest of national economy and general welfare, the percentage of annual net earnings that shall be declared by the government-owned or controlled corporations may be suggested by the President of the Philippines upon recommendation by the Secretary of Finance”;
WHEREAS, to support the viability and mandate of the Metropolitan Waterworks and Sewerage System (MWSS), the liquidity, capital position, retained...
Details
Amends
n/a
Amended by
n/a
Executive Orders
Adjusting The Dividend Rate Of Metropolitan Waterworks And Sewerage System On Its 2005 Net Earnings Pursuant To Section 5 Of Republic Act No. 7656
Executive Order No. 591
Summary of Executive Order No. 591
Adjusting the Dividend Rate of Metropolitan Waterworks and Sewerage System (MWSS) on its 2005 Net Earnings
- Declares the policy of the State to realize additional revenues from government-owned or controlled corporations by sharing a substantial amount of their net earnings to the National Government, without impairing their viability and purpose. (Section 1)
- Allows the President of the Philippines to suggest the percentage of annual net earnings to be declared by government-owned or controlled corporations as dividends, upon recommendation by the Secretary of Finance, in the interest of national economy and general welfare. (Section 5)
- Considers the liquidity, capital position, retained earnings, and medium-term plans and programs of MWSS in determining the reasonable dividend rates on its 2005 net earnings.
- Adjusts the percentage of 2005 net earnings to be declared and remitted by MWSS as dividends to the National Government to five percent (5%), or an equivalent amount of not less than P57.06M. (Section 1)
- Specifies that the adjusted dividend rate is only applicable to MWSS's 2005 net earnings. (Section 2)
- Takes effect immediately. (Section 3)
Adjusting the Dividend Rate of Metropolitan Waterworks and Sewerage System (MWSS) on its 2005 Net Earnings
- Declares the policy of the State to realize additional revenues from government-owned or controlled corporations by sharing a substantial amount of their net earnings to the National Government, without impairing their viability and purpose. (Section 1)
- Allows the President of the Philippines to suggest the percentage of annual net earnings to be declared by government-owned or controlled corporations as dividends, upon recommendation by the Secretary of Finance, in the interest of national economy and general welfare. (Section 5)
- Considers the liquidity, capital position, retained earnings, and medium-term plans and programs of MWSS in determining the reasonable dividend rates on its 2005 net earnings.
- Adjusts the percentage of 2005 net earnings to be declared and remitted by MWSS as dividends to the National Government to five percent (5%), or an equivalent amount of not less than P57.06M. (Section 1)
- Specifies that the adjusted dividend rate is only applicable to MWSS's 2005 net earnings. (Section 2)
- Takes effect immediately. (Section 3)