The Development Bank of the Philippines (DBP) will no longer remit to the government a mandated percentage of its 2022 earnings after
President Marcos slashed the state-run lender’s dividend rate to zero percent.
The move was meant to strengthen the bank’s capital position and comply with the central bank’s regulations, the Palace said Friday.
In a news release, the Presidential Communications Office (PCO) said Marcos, through Executive Secretary Lucas Bersamin, issued Executive
Order No. 48 on November 28, 2023 containing the new policy.
The EO adjusted the percentage of net earnings to be declared and remitted by DBP for Calendar Year 2022 from 50% to 0%.
Under Republic Act (RA) No. 7656, all government-owned or -controlled corporations (GOCCs) are required to declare and remit 50% of their annual net earnings as cash, stock, or property dividends to the national government.
