Preamble
WHEREAS, under Presidential Decree No. 464 otherwise known as the Real Property Tax Code, timber and forest lands were embraced in the definition of the term "agricultural land" for purposes of real property taxation; WHEREAS, it will be more systematic and conducive to just and uniform property valuation if timber and forest lands are appraised and assessed as a separate class of real property; WHEREAS, the Philippine wood industry is presently affected by a worldwide recession and lack of markets abroad; WHEREAS, it has become imperative to adopt remedial measures that will ease the realty tax burden of the wood industry by employing new and definitive methods of appraisal and assessment of timber and forest lands; and granting a descending rate of discount on the real property tax due thereon; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution do hereby decree and order the following provisions to form part of the law of the land;