Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656
Executive Order No. 146, issued on August 5, 2021, modifies the dividend rate for the Overseas Filipino Bank (OFBank) as mandated by Republic Act No. 7656. The order adjusts the percentage of net earnings that OFBank must declare and remit to the National Government for Calendar Year 2016 from the required 50% to 0%. This change is based on a recommendation from the Secretary of Finance, aimed at strengthening OFBank's capital position and ensuring compliance with regulatory requirements. The order is effective immediately and applies solely to the specified year.
Quick Answers
- What is Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656 about?
- Executive Order No. 146, issued on August 5, 2021, modifies the dividend rate for the Overseas Filipino Bank (OFBank) as mandated by Republic Act No. 7656. The order adjusts the percentage of net earnings that OFBank must declare and remit to the National Government for Calendar Year 2016 from the required 50% to 0%. This change is based on a recommendation from the Secretary of Finance, aimed at strengthening OFBank's capital position and ensuring compliance with regulatory requirements. The order is effective immediately and applies solely to the specified year.
- What type of law is Executive Order No. 146?
- Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656 (Executive Order No. 146) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656 enacted?
- Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656 (Executive Order No. 146) was enacted on Aug 5, 2021.
- What is the citation for Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656?
- Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656, Executive Order No. 146, Aug 5, 2021 (Philippines)
Law Information
- Reference Number
- Executive Order No. 146
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 5, 2021
EXECUTIVE ORDER NO. 146
ADJUSTING THE DIVIDEND RATE OF THE OVERSEAS FILIPINO BANK PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, Republic Act (RA) No. 7656 requires all government-owned or -controlled corporations (GOCCs) to declare and remit at least fifty percent (50%) of their annual net earnings as cash, stock or property dividends to the National Government;
WHEREAS, RA No. 7656 provides that the President, upon the recommendation of the Secretary of Finance, may adjust the percentage of annual net earnings to be declared by a GOCC, in the interest of national economy and general welfare; and
WHEREAS, pursuant to RA No. 7656, the Secretary of Finance has recommended the downward adjustment of the percentage of the net earnings that shall be declared by the Overseas Filipino Bank (OFBank) as dividends to the National Government for Calendar Year (CY) 2016, in order to support the capital position of the OFBank and allow it to comply with Bangko Sentral ng Pilipinas regulations, as well as support the Bank's short- and long-term plans and programs for Filipinos overseas, in the interest of national economy and general welfare;
NOW, THEREFORE, I, RODRIGO ROA DUTERTE, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution and existing laws, do hereby order:
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 OFBank to the National Government for CY 2016 is adjusted from fifty percent (50%) of its annual net earnings to 0%.
SECTION 2. Coverage. — The adjusted dividend rate set forth in Section 1 of this Order is applicable only to the OFBank for CY 2016.
SECTION 3. Effectivity. — This Order shall take effect immediately.
DONE in the City of Manila, this 5th day of August, in the year of Our Lord, Two Thousand and Twenty-One.
Published in the Official Gazette, Vol. 117, No. 33, p. 8356 on August 16, 2021.
Cite This Law
Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656, Executive Order No. 146, Aug 5, 2021 (Philippines)
Adjusting the Dividend Rate of the Overseas Filipino Bank Pursuant to Section 5 of Republic Act No. 7656, Executive Order No. 146 (Phil. 2021)
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