Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings
Executive Order No. 541, issued on July 6, 2006, adjusts the dividend rate of the Subic Bay Metropolitan Authority (SBMA) concerning its net earnings from 2000 to 2003. In line with Republic Act No. 7656, which mandates that government-owned corporations share a portion of their earnings with the National Government, the required dividend rate is reduced from 50% to 10%. This adjustment, recommended by the Secretary of Finance, aims to support the SBMA's financial viability while ensuring a minimum remittance of P75.62 million. The order takes immediate effect and applies solely to the specified earnings period.
Quick Answers
- What is Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings about?
- Executive Order No. 541, issued on July 6, 2006, adjusts the dividend rate of the Subic Bay Metropolitan Authority (SBMA) concerning its net earnings from 2000 to 2003. In line with Republic Act No. 7656, which mandates that government-owned corporations share a portion of their earnings with the National Government, the required dividend rate is reduced from 50% to 10%. This adjustment, recommended by the Secretary of Finance, aims to support the SBMA's financial viability while ensuring a minimum remittance of P75.62 million. The order takes immediate effect and applies solely to the specified earnings period.
- What type of law is Executive Order No. 541?
- Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings (Executive Order No. 541) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings enacted?
- Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings (Executive Order No. 541) was enacted on Jul 6, 2006.
- What is the citation for Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings?
- Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings, Executive Order No. 541, Jul 6, 2006 (Philippines)
Law Information
- Reference Number
- Executive Order No. 541
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
July 6, 2006
EXECUTIVE ORDER NO. 541
ADJUSTING THE DIVIDEND RATE OF THE SUBIC BAY METROPOLITAN AUTHORITY ON THEIR 2000 UNTIL 2003 NET EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656
WHEREAS, Section 1 of Republic Act 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 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."
WHEREAS, to support the viability and mandate of government-owned and/or controlled corporations (GOCCs), the liquidity, retained earnings position and medium-term plans and programs of the SBMA were considered in the determination of the reasonable dividend rate on its 2000 until 2003 net earnings.
WHEREAS, pursuant to Section 5 of RA 7656, the Secretary of Finance recommended the adjustment on the percentage of annual net earnings that shall be declared by the SBMA from fifty percent (50%) to ten percent (10%).
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 SBMA as dividends to the National Government, as provided for under Section 3 of Republic Act 7656, is hereby adjusted from at least fifty percent (50%) to ten percent (10%), or with a total amount of not less than P75.62 Million.
SECTION 2. The adjusted dividend rate provided for under the preceding section is only applicable on the net earnings of SBMA for the years 2000 until 2003.
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 6th day of July, in the year of Our Lord, Two Thousand and Six.
Cite This Law
Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings, Executive Order No. 541, Jul 6, 2006 (Philippines)
Adjustment of SBMA Dividend Rate on Their 2000 to 2003 Net Earnings, Executive Order No. 541 (Phil. 2006)
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