Grant of Financial Aid to Province of Rizal
Letter of Instructions No. 471, dated October 4, 1976, addresses the financial challenges faced by the Province of Rizal following the transfer of certain taxing powers to the Metropolitan Manila Commission and the separation of twelve municipalities. To stabilize the province's finances and ensure the continuity of essential public services, the directive mandates the release of P24 million in financial assistance. This amount will be disbursed in eighteen monthly installments starting July 1, 1976, sourced from the unallocated internal revenue allotments for local governments. The instruction is effective immediately.
October 4, 1976
LETTER OF INSTRUCTIONS NO. 471
| TO | : | The Secretary of Finance |
| Manila |
WHEREAS, certain taxing powers of the Province of Rizal under the Local Tax Code (Presidential Decree No. 231, as amended) and the Real Property Tax Code (Presidential Decree No. 464) have been transferred under Presidential Decree Nos. 824 and 921 to the Metropolitan Manila Commission;
WHEREAS, the internal revenue allotments of the Province of Rizal have been drastically reduced on account of the separation of twelve municipalities as well as certain statutory shares in the regular income of said municipalities shall no longer accrue to the province as provided by Presidential Decree No. 921; cdt
WHEREAS, there is a resultant need to provide the Province of Rizal financial assistance for one (1) year and a half at least commencing July 1, 1976, in order to stabilize its finances and thereby obviate disruption of essential public services and governmental operations;
WHEREFORE, it is hereby directed that: A financial aid of P24 million be extended to the Province of Rizal, in eighteen monthly installments, beginning July 1, 1976, chargeable against the unallocated portion of the internal revenue allotments for local governments under Presidential Decree No. 144, as amended by Presidential Decree No. 937. acd
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 4th day of October, in the year of Our Lord, Nineteen Hundred and Seventy-Six. acd