Section 1Sec./Art. 1

Sec. 7 of Executive Order No. 81, entitled "Providing for the 1986 Revised Charter of the Development Bank of the Philippines" is hereby amended, as follows:

"Sec. 7. Authorized capital stock-par value. – The capital stock of the Bank shall be Thirty-five billion pesos (P35,000,000,000.00) to be divided into Three hundred fifty million (350,000,000) common shares with par value of P100.00 per share, which shall be fully subscribed by the national government.

Upon the effectivity of this Charter, the National Government shall initially subscribe to One hundred twenty-five million (125,000,000) common shares of stock worth Twelve billion five hundred million pesos (P12,500,000,000.00), Five billion pesos (P5,000,000,000.00) of which shall be deemed paid for by the government and the balance shall be paid for by the government out of the stock dividends to be declared by the Bank from its unappropriated retained earnings: Provided, That the dividends due the national government pursuant to Republic Act No. 7656 shall first be paid."