Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings
Executive Order No. 529, issued on May 26, 2006, adjusts the dividend rates of the Metropolitan Waterworks and Sewerage System (MWSS) for its net earnings from 2002, 2003, and 2004, in accordance with Republic Act No. 7656. The order allows for the declaration of 11% of the 2002 net earnings (minimum P65.31 million), and 10% of the net earnings for both 2003 (minimum P109.97 million) and 2004 (minimum P66.20 million) as dividends to the National Government. This adjustment was made to ensure the viability of MWSS while supporting national economic interests. The order took effect immediately upon issuance.
Quick Answers
- What is Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings about?
- Executive Order No. 529, issued on May 26, 2006, adjusts the dividend rates of the Metropolitan Waterworks and Sewerage System (MWSS) for its net earnings from 2002, 2003, and 2004, in accordance with Republic Act No. 7656. The order allows for the declaration of 11% of the 2002 net earnings (minimum P65.31 million), and 10% of the net earnings for both 2003 (minimum P109.97 million) and 2004 (minimum P66.20 million) as dividends to the National Government. This adjustment was made to ensure the viability of MWSS while supporting national economic interests. The order took effect immediately upon issuance.
- What type of law is Executive Order No. 529?
- Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings (Executive Order No. 529) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings enacted?
- Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings (Executive Order No. 529) was enacted on May 26, 2006.
- What is the citation for Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings?
- Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings, Executive Order No. 529, May 26, 2006 (Philippines)
Law Information
- Reference Number
- Executive Order No. 529
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 26, 2006
EXECUTIVE ORDER NO. 529
ADJUSTING THE DIVIDEND RATES OF METROPOLITAN WATERWORKS AND SEWERAGE SYSTEM ON ITS 2002, 2003 AND 2004 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]n the interest of national economy and general welfare, the percentage of annual net earnings that shall be declared by a government-owned or controlled corporations may be adjusted 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 earnings and medium-term plans and programs of MWSS were considered in the determination of the reasonable dividend rates on its 2002, 2003 and 2004 net earnings.
WHEREAS, pursuant to Section 5 of RA 7656, the Secretary of Finance has recommended the adjustment on the percentages of 2002, 2003 and 2004 net earnings that shall be declared by MWSS as dividend to the National Government, in the interest of national economy and general welfare.
NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Republic of the Philippines, do hereby order:
SECTION 1. The percentage of net earnings to be declared and remitted by MWSS as dividends to the National Government as provided for under Section 3 of Republic Act No. 7656 is authorized to be adjusted to the rates specified hereunder:
1. Eleven percent (11%), or with an equivalent amount of not less than P65.31 M for 2002; and, HSIDTE
2. Ten percent (10%), or with an equivalent amount of not less than P109.97 M and P66.20 M for 2003 and 2004, respectively.
SECTION 2. The adjusted dividend rates provided for under Section 1 are only applicable on the 2002, 2003 and 2004 net earnings, respectively, of MWSS.
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 26th day of May, in the year of Our Lord, Two Thousand and Six.
Cite This Law
Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings, Executive Order No. 529, May 26, 2006 (Philippines)
Adjustment of MWSS Dividend Rates on Its 2002, 2003 and 2004 Net Earnings, Executive Order No. 529 (Phil. 2006)
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