Section 1
SECTION 1. Subsection (b) of Section 87 of Presidential Decree No. 464, otherwise known as the Real Property Tax Code, as amended, is hereby further amended to read as follows: “SEC. 87. Application of proceeds. – xxx xxx xxx “(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 percent 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; PROVIDED, HOWEVER, THAT IN THE CITY OF MANILA, COLLECTIONS FROM THE ABOVE-MENTIONED ADDITIONAL ONE PERCENT REAL-PROPERTY TAX LEVIED UNDER REPUBLIC ACT NO. 5447, AS AMENDED, SHALL ACCRUE IN ITS ENTIRETY TO THE SPECIAL EDUCATION FUND.”