Preamble
WHEREAS, under present laws, the local political subdivisions are empowered to assess and collect the real property tax which is the main source of local government revenues; WHEREAS, experience has amply shown the need for a mechanism to provide for flexibility in the real property tax system to meet exigencies as they arise; 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 the following: