Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings
Executive Order No. 749, issued on August 29, 2008, adjusts the dividend rates of the Manila International Airport Authority (MIAA) based on its net earnings for the years 2005, 2006, and 2007. In accordance with Republic Act No. 7656, the order establishes a 25% dividend for both 2005 and 2006, and a 40% dividend for 2007, totaling PHP 701.41 million to be remitted to the National Government. This downward adjustment aims to support MIAA’s financial viability while still contributing to national revenue. The order takes effect immediately upon issuance.
Quick Answers
- What is Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings about?
- Executive Order No. 749, issued on August 29, 2008, adjusts the dividend rates of the Manila International Airport Authority (MIAA) based on its net earnings for the years 2005, 2006, and 2007. In accordance with Republic Act No. 7656, the order establishes a 25% dividend for both 2005 and 2006, and a 40% dividend for 2007, totaling PHP 701.41 million to be remitted to the National Government. This downward adjustment aims to support MIAA’s financial viability while still contributing to national revenue. The order takes effect immediately upon issuance.
- What type of law is Executive Order No. 749?
- Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings (Executive Order No. 749) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings enacted?
- Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings (Executive Order No. 749) was enacted on Aug 29, 2008.
- What is the citation for Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings?
- Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings, Executive Order No. 749, Aug 29, 2008 (Philippines)
Law Information
- Reference Number
- Executive Order No. 749
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 29, 2008
EXECUTIVE ORDER NO. 749
DOWNWARD DIVIDEND RATE ADJUSTMENT OF THE MANILA INTERNATIONAL AIRPORT AUTHORITY ON ITS 2005, 2006 AND 2007 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." cCHETI
WHEREAS, to support the viability and mandate of Manila International Airport Authority (MIAA), its liquidity, retained earnings positions and medium term programs were considered in the determination of reasonable dividend rate of said corporation on its 2005, 2006 and 2007 net earnings;
WHEREAS, pursuant to Section 5 of R.A. No. 7656, the Secretary of Finance may recommend a downward adjustment on the percentage of MIAA's dividends to be declared in the interest of national economy and general welfare. 2008laws3rdrel
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 percentages of net earnings from 2005, 2006 and 2007 to be declared and remitted as dividend to the National Government as provided under Section 3 of Republic Act No. 7656 are as follows:
|
YEAR
|
Dividend Rate
|
Total Dividend
|
|
|
|
(PHP Million)
|
|
|
|
|
|
2005
|
25%
|
45.40
|
|
2006
|
25%
|
160.26
|
|
2007
|
40%
|
495.75
|
|
|
|
–––––––
|
|
|
TOTAL
|
701.41
|
|
|
|
=======
|
SECTION 2. The downward adjustment in dividend provided for under Section 1 is only applicable on the 2005, 2006 and 2007 net earnings of MIAA. cTACIa
SECTION 3. This Executive Order shall take effect immediately.
DONE in the City of Manila, this 29th day of August, in the year of Our Lord, Two Thousand and Eight.
Cite This Law
Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings, Executive Order No. 749, Aug 29, 2008 (Philippines)
Downward Dividend Rate Adjustment of MIAA on its 2005, 2006 and 2007 Net Earnings, Executive Order No. 749 (Phil. 2008)
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