0 Republic of the Philippines DEPARTMENT OF FINANCE Manila DEPARTMEIITT ORDER NO. 74-96 AMENDMENT TO THE IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC ACT NO. 7656, "AN ACT REQUIRING GOVERNMENT-OWNED AND/OR CONTROLLED CORPORATIONS TO DECLARE DIVIDENDS UNDER CERTAIN CONDITIONS TO THE NATIONAL GOVERNMENT, AND FOR OTHER PURPOSES"

WHEREAS, "Government-owned and/or controlled corporations (GOCCs)" as defined under Section 2(b) of Republic Act (RA) No. 7656 "refers to corporations organized as a stock or non-stock corporation vested with functions relating to public needs, whether governmental or proprietary in nature, and owned by the Government directly or through its instrumentalities either wholly or, where applicable as in the case of stock corporations, to the extent of at least fifty-one percent (51%) of its capital stock. xxx" WHEREAS, the present system of allowing subsidiary corporations of GOCC5 to remit corresponding dividends to their parent GOCCs as substantial compliance with RA 7656 does not directly promote the declared policy to realize additional revenues from GOCC5. Pursuant to Section 7 of RA 7656, the following rules and regulations are hereby promulgated to implement the provisions of the said Act: Section 1. Section 5 of the Implementing Rules and Regulations dated 28 January 1994 is hereby amended to read as follows: "Section 5. Dividends.All GOCC5, including subsidiaries wholly owned by GOCCs, shall declare and remit at least fifty percent (506) of their annual net earnings as cash, stock and/or property dividends to the National Government, subject to the following:

XXX XXX XXX

11(e) Subsidiary GOCCs which are not wholly owned by GOCCs shall declare and remit to the National Government at least 50% of the dividends corresponding to the share of the holding GOCCs." Sec. 2. If for any reason or Separability Clause. any part of the provisions of these Rules shall be reasons, declared unconstitutional or illegal by a court of competent jurisdiction, other parts or provisions thereof which are not affected by said declaration shall continue to be in force and effect.

I PHILIPPINES I

"Tulong-tulong sa pagsulong!"

0 Sec. 3. immediately.

Effectivity.

-

These Rules shall take effect

Done in the City of Manila, this 12 th day of August 1996.

ROBERTO IF. Dt PO Secretary of`Fi nce

DEPARTMENT ORDER NO. 74 .pdf

AMENDMENT TO THE IMPLEMENTING RULES AND REGULATIONS OF REPUBLIC. ACT NO. ... parent GOCCs as substantial compliance with RA 7656 does not ... DEPARTMENT ORDER NO. 74 .pdf. DEPARTMENT ORDER NO. 74 .pdf.

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