EXECUTIVE ORDER NO. 292

Legal Basis: The Executive Order is issued under the authority of Republic Act No. 7656, which mandates that government-owned and/or controlled corporations (GOCCs) contribute a substantial portion of their net earnings to the National Government.
State Policy: The policy aims to enhance National Government revenues while ensuring that the viability and objectives of GOCCs are not compromised.
Considerations: The adjustment of dividend rates takes into account the liquidity, retained earnings, and capital positions of the corporations involved.

Adjustments: The Executive Order specifies revised dividend percentages for three GOCCs based on their 1999 net earnings.
- Manila International Airport Authority (MIAA): Adjusted to 30%
- Public Estates Authority (PEA): Adjusted to 20%
- Land Bank of the Philippines (LBP): Adjusted to 0%
Minimum Remittances:
- MIAA must remit at least ₱255 million
- PEA must remit at least ₱6 million

Specific Adjustments: The Executive Order further adjusts the dividend rates for LBP for the years 1996, 1997, and 1998.
- 1996 Net Earnings: 15.7%
- 1997 Net Earnings: 9.7%
- 1998 Net Earnings: 0%
Financial Caps: The remittance from LBP for 1996 and 1997 is capped at ₱465.44 million and ₱446.56 million, respectively, to safeguard its capital position.

Immediate Effect: The Executive Order takes effect immediately upon issuance.

The order is signed by President Joseph Ejercito Estrada and Executive Secretary Ronaldo B. Zamora.

The Executive Order modifies the dividend remittance percentages for selected GOCCs, particularly focusing on their 1999 earnings while ensuring that the financial stability of these corporations is preserved.
The LBP's previous dividend rates for prior years have also been revised, with strict caps on remittances to maintain its capital integrity.
The Executive Order underscores the government's commitment to generating additional revenue from GOCCs, in alignment with the provisions of Republic Act No. 7656.