(NAR) VOL. 14 NOS. 1-2 / JANUARY - MARCH 2003
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 these GOCCs were considered in the determination of the
reasonable dividend rates of such corporations on their 2001 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 Metropolitan Waterworks and Sewerage System (MWSS).
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 MWSS as dividends to the National Government as provided for under
Section 3 of Republic Act No. 7656 is adjusted from at least fifty
percent (50%) to thirty percent (30%).
SEC 2. The adjusted dividend rate provided for under
Section 1 are only applicable on 2001 net earnings of the MWSS.
SEC 3. This Executive Order shall
take effect immediately.
Done in the City of Manila, this 13th
day of January, in the year of Our Lord, two thousand three.
(SGD.)
GLORIA M. ARROYO
President of the Philippines
By the President:
(SGD.) ALBERTO G. ROMULO
Executive Secretary