Preamble
WHEREAS, the fair market value of the gross estate left by a decedent is the value to be used in determining the estate tax; WHEREAS, under Section 91, the current and fair market value as reflected in the schedule of values prepared by Provincial or City Assessors, pursuant to Presidential Decree Nos. 76 and 261, shall be the appraised value of real property which may be included in the gross estate for estate tax purposes; WHEREAS, the valuation made by the Provincial and City Assessors under PD 76 is not adjusted and updated to conform to the most recent increases in value of real properties and, in almost all cases, the valuation under PD 76 is now obsolete for estate tax purposes; WHEREAS, to protect the interest of the government, the fair market value at the time of death or as of six months thereafter, shall be used for purposes of determining the estate tax; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: