House Deputy Minority Leader France Castro on Monday expressed alarm over President Ferdinand 'Bongbong' Marcos Jr.'s executive order (EO) reducing the remittance of state-run Development Bank of the Philippines (DBP) dividends to the national government.
House Deputy Minority Leader France Castro on Monday expressed alarm over President Ferdinand "Bongbong" Marcos Jr.'s executive order reducing the remittance of state-run Development Bank of the Philippines dividends to the national government.slashed the DBP's dividend rate to zero percentCastro made the position less than a week after the House of Representatives approved the MIF measure, or House Bill 6608, on third and final reading before it adjourned session.
"Consequently though because DBP would not remit anything to the national government, this would be a huge loss from the people's coffers and the source of funds for the next General Appropriations Act ." One of the EO's premises indicated that the Secretary of Finance recommended the "downward adjustment" of the dividend rate in order to support the capital position of the DBP, allow it to comply with Bangko Sentral ng Pilipinas regulations, and to sustain its role in the economic recovery of industries adversely affected by the COVID-19 pandemic.
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