Section 1
SECTION 1. Section 42 of Presidential Decree No. 464 is hereby amended to read as follows: "SECTION 42. Additional ad valorem tax on idle lands. There is hereby imposed an additional property tax on idle lands at the rate of FIVE PER CENT PER ANNUM based on the assessed value of the Provincial or City Assessor of the Province or City where the property is located or by the Municipal Assessor in the case of idle lands situated in the municipalities of Metropolitan Manila. The additional ad valorem tax levied in the preceding paragraph shall begin to accrue on July 1, 1978, any provision of law to the contrary notwithstanding."