Section 2
SEC. 2. Subsection (b) of Section 87 of the same Code is hereby further amended to read as follows: "SEC. 87. Application of proceeds.— "(b) The entire proceeds of the additional one per cent real property tax levied for the Special Education Fund created under Republic Act No. 5447 collected in the province or city on real property situated in their respective territorial jurisdictions shall be distributed as follows: "(1) Collections in the provinces: Fifty-five per cent shall accrue to the municipality where the property subject to the tax is situated; twenty-five per cent shall accrue to the province; and twenty per cent shall be remitted to the Treasurer of the Philippines. "(2) Collections in the cities and in the cities and municipalities of Metro Manila: Eighty per cent shall be retained by cities, including cities and municipalities of Metro-Manila, and twenty per cent shall be remitted to the Treasurer of the Philippines."