Preamble
WHEREAS, the local governments depend largely upon the internal revenue allotments they receive annually under the provisions of Presidential Decree No. 144, as amended, to meet and maintain the fund requirements of community development projects; WHEREAS, some local governments, may be adversely affected by the automatic rescission, beginning July 1, 1976 of the percentage decrease limitation provided for in Section four of the aforesaid Decree; WHEREAS, it has become necessary to institute remedial measures that will avert the financial dislocation of said local units in order to avoid the impairment of essential projects and public services in these localities; 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 provisions: