Increasing the Rate of Cash Dividends To Be Declared By Government Owned Or Controlled Corporations Subject To Certain Exceptions

EXECUTIVE ORDER NO. 399 April 24, 1990 INCREASING THE RATE OF CASH DIVIDENDS TO BE DECLARED BY GOVERNMENT OWNED OR CONTROLLED CORPORATIONS SUBJECT TO CERTAIN EXCEPTIONS WHEREAS, Executive Order No. 518, S. of 1979, Section 17, provides that: "Sec. 17 Cash Dividends. Each corporation shall declare at least five per cent of net earnings of each year as cash dividends: Provided, That cash dividends accruing to the National Government shall be received by the Treasury and recorded as income of the General Fund: Provided, Further, That the fraction of net earnings that shall be declared by a corporation as cash dividends may be changed by the President/Prime Minister upon recommendation of the Minister of Finance: Provided, Finally, That this Section shall not apply to the Government Service Insurance System, the Social Security System, and those government-owned or controlled corporations whose profit distribution is provided for by their respective charters or by special law." WHEREAS, to support its development projects and social services, the government must equitably share in the earnings of the government- owned or...