WHEREAS, under the provisions of Presidential Decree No. 261, which amended Presidential Decree No. 76, all land, buildings and other improvements thereon actually, directly and exclusively used by the owner thereof for educational purposes shall be subject to the payment of the real property lax at the rate prescribed thereon, effective January 1, 1974; and
WHEREAS, educational institutions have made representations that they be given sufficient time to adjust their financial plans in order that they may be able to provide adequate funds for the prompt payment of real property taxes;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby decree and order that:
This Decree shall form part of the laws of the land and shall take effect immediately. All laws, orders, rules and regulations which are inconsistent with this Decree are hereby repealed or modified accordingly.
Done in the City of Manila, this 2nd day of October, in the year of Our Lord, nineteen hundred and seventy-three.
(Sgd.) FERDINAND E. MARCOS |
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President |
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Republic of the Philippines |
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By the President: | ||
(Sgd.) ROBERTO V. REYES | ||
Acting Executive Secretary |