Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings
Executive Order No. 600, issued on February 1, 2007, adjusts the dividend rate for the National Home Mortgage Finance Corporation (NHMFC) regarding its net earnings from 2004 and 2005. In accordance with Section 5 of Republic Act No. 7656, which allows the President to modify dividend rates based on recommendations from the Secretary of Finance, the NHMFC's dividend rate is set at 5%. This adjustment results in a minimum remittance of Php 36.207 million for 2004 and Php 29.105 million for 2005 to the National Government. The order emphasizes the importance of balancing government revenue needs with the corporation's viability and operations. The Executive Order took immediate effect upon issuance.
Quick Answers
- What is Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings about?
- Executive Order No. 600, issued on February 1, 2007, adjusts the dividend rate for the National Home Mortgage Finance Corporation (NHMFC) regarding its net earnings from 2004 and 2005. In accordance with Section 5 of Republic Act No. 7656, which allows the President to modify dividend rates based on recommendations from the Secretary of Finance, the NHMFC's dividend rate is set at 5%. This adjustment results in a minimum remittance of Php 36.207 million for 2004 and Php 29.105 million for 2005 to the National Government. The order emphasizes the importance of balancing government revenue needs with the corporation's viability and operations. The Executive Order took immediate effect upon issuance.
- What type of law is Executive Order No. 600?
- Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings (Executive Order No. 600) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings enacted?
- Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings (Executive Order No. 600) was enacted on Feb 1, 2007.
- What is the citation for Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings?
- Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings, Executive Order No. 600, Feb 1, 2007 (Philippines)
Law Information
- Reference Number
- Executive Order No. 600
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 1, 2007
EXECUTIVE ORDER NO. 600
ADJUSTING THE DIVIDEND RATE OF NATIONAL HOME MORTGAGE FINANCE CORPORATION ON ITS 2004 AND 2005 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, under Section 1 of Republic Act No. 7656, it is declared policy of the state that in order for the National Government to realize additional revenues, government-owned and/or controlled corporations, without impairing their viability and the purposes for which they have been established, shall share a substantial amount of their net earnings to the National Government; THAECc
WHEREAS, Section 5 of Republic Act No. 7656 provides that "in the interest of national economy and general welfare, the percentage of annual net earnings that shall be declared by a government-owned and/or controlled corporation may be adjusted by the President of the Philippines upon recommendation by the Secretary of Finance";
WHEREAS, the viability, liquidity, capital position, retained earnings and medium term plans and programs and mandate of the National Home Mortgage Finance Corporation were considered in the determination of the reasonable dividend rates on its 2004 and 2005 net earnings;
WHEREAS, pursuant to Section 5 of RA 7656, the Secretary of Finance recommended the adjustment of the percentage of dividend rate for 2004 and 2005 that shall be declared by NHMFC to the National Government, in the interest of national economy and general welfare;
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:
SECTION 1. The percentage of net earnings to be declared and remitted by the NHMFC as dividends to the National Government as provided for under Section 3 of Republic Act No. 7656 is authorized to be adjusted to five percent (5%), or an equivalent amount of not less than Php 36.207 Mn for 2004 and Php 29.105 Mn for 2005.
SECTION 2. The adjusted dividend rate provided for under Section 1 is only applicable on 2004 and 2005 net earnings of the NHMFC.
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 1st day of February, in the year of Our Lord, Two Thousand and Seven.
Cite This Law
Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings, Executive Order No. 600, Feb 1, 2007 (Philippines)
Adjusting the Dividend Rate of the NHMFC on Its 2004 and 2005 Net Earnings, Executive Order No. 600 (Phil. 2007)
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