Preamble
WHEREAS, the effectivity of Presidential Decree No. 937, which amended Section 4 of Presidential Decree No. 144, as amended, is due to terminate on December 31, 1977; WHEREAS, the full implementation of the distribution scheme provided for in Presidential Decree No. 144 would inevitably result in the reduction of the allotment shares of the local governments which used to benefit from the lopsided allocation scheme existing prior to the enactment of Presidential Decree No. 144; WHEREAS, in order to avoid the impairment of essential public services in these localities and to enable them to stabilize their finances from local revenue sources, it is necessary to extend the provisions of Presidential Decree No. 937; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order, as part of the law of the land, the following provisions ;