Surigao del Sur 2nd district Rep. Johnny Pimentel is confident that the planned merger between the Land Bank of the Philippines and Development Bank of the Philippines would generate a nice windfall for the government in terms of cash dividends.A ranking congressman expressed confidence that the national government will receive bigger cash dividends from the Land Bank of the Philippines after its planned merger with the Development Bank of the Philippines .
“This augurs well for the government’s efforts to boost non-tax receipts that are badly needed to support social development programs,” noted the Mindanaoan. Both Land Bank and DBP are covered by Republic Act No. 7656, which requires government-owned or-controlled corporations to declare as dividends and remit to the treasury at least 50 percent of their annual net profits.
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