WHEREAS, the Government has received numerous requests from the various sectors of our society for an extension of time within which to avail themselves of the real property tax amnesty under Executive Order No. 42 dated August 22, 1986;

WHEREAS, consistent with the policy of the Government to adopt immediate measures that will ease the tax burden and encourage tax payments that accrue to the local governments which are the principal beneficiaries of realty tax revenues, such requests must be heeded;

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:

SECTION 1.  The period within which the taxpayers may avail themselves of the real property tax amnesty under Executive Order No. 42 is hereby extended up to March 31, 1987.  Section 5 of Executive Order No. 42 is hereby amended accordingly.

SECTION 2. The provisions of Sections 1, 2, 3 and 4 of Executive Order No. 42 shall continue to be in force and effect.

SECTION 3. The Minister of Finance shall promulgate the necessary rules and regulations to implement this amendatory Executive Order.

SECTION 4. All laws, orders, issuances, rules and regulations or parts thereof inconsistent with this Executive Order are hereby repealed or modified accordingly.

SECTION 5. This Executive Order shall take effect beginning January 1, 1987.

Done in the City of Manila, this 24th day of December in the year of Our Lord, nineteen hundred and eighty-six.


By the President:

(Sgd.) JOKER P. ARROYO
Acting Executive Secretary