AN
ACT APPROPRIATING THE SUM OF FOURTEEN BILLION FOUR HUNDRED FIFTY-FIVE
MILLION
PESOS (P14,455,000,000) FOR THE INCREASED SHARE IN 1997 OF LOCAL
GOVERNMENT
UNITS IN THE NATIONAL INTERNAL REVENUE TAXES AND FOR OTHER PURPOSES.
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Section
1. Appropriation, Allotment
and Release of Funds. — The amount of Fourteen billion four
hundred
fifty-five million pesos (14,455,000,000) is hereby appropriated for
the
increased share in 1997 of local government units in the internal
revenue
taxes pursuant to Section 284 of Republic
Act No. 7160, the Local Government Code of 1991, and shall be
apportioned
among the local government units in accordance with the formula
prescribed
in Section 285 thereof, after deducting the actual cost of devolution
and
the cost of city-funded hospitals as of December 31, 1992. Said
internal
revenue allotment shall be released directly by the Department of
Budget
and Management to the local government units concerned. chan
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Sec.
3.Effectivity. — This Act shall
take effect on January 1, 1997.chan
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Approved:
December 30, 1996.
