Preamble
WHEREAS, in order to accelerate the prosecution of nationwide infrastructure programs the local governments must participate more actively and to a greater extent; WHEREAS, local government revenues arc found to be inadequate for purposes of financing the maintenance and repair of existing roads and bridges, as well as new construction and improvement projects; and WHEREAS, it is the policy to provide the local governments with sufficient resources in areas of governmental operations that cannot be supported by local funds; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree, order and make as part of the law of the land: