EXECUTIVEV ORDER NO. 48

Legal Basis: This order is issued pursuant to Republic Act (RA) No. 7656, which mandates government-owned or -controlled corporations (GOCCs) to declare and remit at least fifty percent (50%) of their annual net earnings as dividends to the National Government.
Presidential Authority: The President, based on recommendations from the Secretary of Finance, has the authority to adjust the percentage of net earnings declared by a GOCC in the interest of national economy and general welfare.

DBP's Role: The Development Bank of the Philippines (DBP) was established under Executive Order No. 81 (s. 1986), as amended by RA No. 8523, to service the medium and long-term financing needs of agricultural and industrial enterprises, especially small and medium-sized businesses.
Economic Recovery: The DBP's programs aim to support economic recovery for industries affected by the COVID-19 pandemic and enhance productivity in agriculture, infrastructure, logistics, micro, small and medium enterprises, the environment, and social services.

New Dividend Rate: The percentage of net earnings to be declared and remitted by the DBP to the National Government for Calendar Year (CY) 2022 is adjusted from fifty percent (50%) to zero percent (0%).
Coverage: This adjustment is specifically applicable to the DBP for CY 2022.

Immediate Implementation: This Order shall take effect immediately upon signing, which occurred on November 28, 2023.

The Executive Order adjusts the DBP's dividend remittance to zero percent (0%) for CY 2022, diverging from the standard fifty percent (50%) requirement under RA No. 7656.
The adjustment is aimed at strengthening DBP's capital position and enhancing its ability to support crucial sectors of the economy.
The directive is effective immediately as of November 28, 2023, and applies solely to the DBP for the specified calendar year.