EXECUTIVE ORDER NO. 401, February 20, 1997

AMENDING EXECUTIVE ORDER NO. 359 ENTITLED “ADJUSTING THE DIVIDEND RATES OF SELECTED GOVERNMENT OWNED AND/OR CONTROLLED CORPORATIONS ON THEIR 1995 EARNINGS PURSUANT TO SECTION 5 OF REPUBLIC ACT NO. 7656”

I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby amend Section 1 of Executive Order No. 359 dated 16 August 1996 entitled “Adjusting the Dividend Rates of Selected Government Owned and/or Controlled Corporations on their 1995 Net Earnings Pursuant to Section 5 of Republic Act No. 7656” to include the National Power Corporation which shall declare cash dividends adjusted from fifty percent (50%) to ten percent (10%).

This Executive Order shall take effect immediately.

DONE in the City of Manila, this 20th day of February in the year of Our Lord, Nineteen Hundred and Ninety-Seven.

(Sgd.) FIDEL V. RAMOS

President of the Philippines

By the President:

(Sgd.) RUBEN D. TORRES

Executive Secretary