Preamble
WHEREAS, the local governments are deeply involved in the prosecution of vital national programs; WHEREAS, in order to increase their capacity to accelerate governmental operations within their respective jurisdictions, it is imperative that the local governments be provided with adequate facilities for maximizing the revenue potentials of their local financial resources; WHEREAS, to enable the local units to tap fully the real property tax as a source of revenue, it is deemed necessary to re-establish the Assessment Revolving Fund for financing tax-mapping projects, periodic revisions of assessments, and other real property assessment programs, by amending accordingly Section 94, Chapter IX, of Presidential Decree No. 464, otherwise known as the Real Property Tax Code. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order as part of the law of the land, the following: