Preamble
WHEREAS, the integration of citic3 and municipalities in Metropolitan Manila under the provinces of Presidential Decree No. 821 requires a modification of the existing local tax structure and established financial arrangement in order that these may be re-aligned to conform with the objectives of central planning, coordination and unified management of local government functions within the Metropolitan Manila Area; WHEREAS, the massive financial requirements of the integrated development of Metropolitan Manila have made imperative the evolvement of a progressive revenue-raising program that will not unduly burden the taxpayers, as well as the adoption of sound fiscal policies, methods and procedures that will facilitate the judicious allocation and utilization of resources; WHEREAS, in order to attain the objectives of effective fiscal management, there is a need to clearly define the structure and administration of local finance services within the Metropolitan cities and municipalities to insure proper handling and disposition of public funds; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order, as part of the law of the land, the following: