Known as the Real Property Tax Code, which was further amended by Presidential Decree No. 675, the basic tax on real property directly and exclusively used for educational purposes had accrued on January 1, 1975;

WHEREAS, private educational institutions have requested for an extension of time within which to adjust their finances for them to be able to meet their real property tax obligations promptly;

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 as part of the laws of the land the following:

SECTION 1. The basic tax on real property directly and exclusively used for educational purposes shall begin to accrue on January 1, 1977, instead of January 1, 1975 as provided for under Presidential Decree No. 675.

SEC. 2. Educational institutions which have paid the corresponding real property taxes for the calendar years 1975 and 1976 shall be given tax credits to the extent of the amounts paid during the said periods, to be applied to their future real property tax obligations.

SEC. 3. If the basic real property tax herein referred to is paid in full within the quarterly periods of payments prescribed under Section 60 of Presidential decree No. 464, the taxpayer shall be granted a tax discount of 20% on the tax due and payable during the year 1977; and, thereafter, the provisions of Presidential Decree No. 464, as amended, shall apply.

SEC. 4. The Secretary of Finance shall formulate and issue the rules and regulations for the proper implementation of this Decree.

SEC. 5. All laws, decrees, orders, rules and regulations which are inconsistent with this Decree are hereby repealed or modified accordingly.

SEC. 6. This Decree shall take effect immediately.

Done in the City of Manila, this 10th day of August in the year of Our Lord, nineteen hundred and seventy-six.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Assistant.