Connect with us

News

Duterte cuts LandBank’s dividend rate for 2018

Published

on

Under Executive Order (EO) 108 inked by Duterte on March 18, the dividend rate of LBP is adjusted for zero percent from the current 50 percent of its annual earnings. (File Photo: Lbpdasmarinas Branch/Facebook)

MANILA — President Rodrigo Duterte has reduced the dividend rate the state-run Land Bank of the Philippines (LBP) must remit to the national government for 2018.
Under Executive Order (EO) 108 inked by Duterte on March 18, the dividend rate of LBP is adjusted for zero percent from the current 50 percent of its annual earnings.

Duterte made the downward adjustment of the LBP’s net earnings following the recommendation of Finance Secretary Carlos Dominguez III.

The reduction was meant to “support the viability and mandate of the LBP, its liquidity, capital position, and medium-term plans and programs, in the interest of national economy and general welfare,” according to the order.

“The adjusted dividend rate set forth in Section 1 of this Order is only applicable to the LBP for CY (calendar year) 2018,” EO 108 read.

Under Republic Act (RA) 7656, all government-owned or -controlled corporations (GOCCs) are mandated to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.

The President of the Philippines, however, may adjust the percentage of annual net earnings to be declared by a GOCC, the RA 7656 notes.

EO 108 takes effect immediately.

Malacañang released a copy of the order on Thursday or a day after it was signed by Duterte.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle1 day ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle4 weeks ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle1 month ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle3 months ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle3 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver4 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver4 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver5 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver5 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...

Maria in Vancouver6 months ago

My Love Affair With Pearls

On March 18, 2023, my article, The Power of Pearls was published. In that article, I wrote about the history...