President Marcos has asked the Senate and House leaders to suspend the implementation of a law reforming real property valuation to ease the financial burden on businesses and private property owners, according to the Palace.
The proposal was taken up at the fourth full Legislative-Executive Development Advisory Council (Ledac) meeting held on Thursday in Malacañang, where Mr. Marcos, Cabinet members and congressional leaders discussed measures aimed at strengthening the economy and improving governance.
The Palace said the administration and Congress agreed to review the implementation of Republic Act No. 12001, or the Real Property Valuation and Assessment Reform Act, a landmark law that the President had been advocating for since he was a senator.
‘The move seeks to prevent additional burdens on property owners and businesses, encourage investments and ensure a smooth and reasonable transition to the new valuation system,’ it added.
Enacted in June 2024, RA 12001 establishes a uniform system for appraising real property based on international standards. It also adopts prevailing market value as the single basis for valuing real property for tax assessment.
The law likewise mandates local government units to keep a Real Property Information System, which will create a comprehensive digital platform for real property tax administration.
‘This new law is borne out of necessity and the realization that there is a need to enhance the country’s tax collection system so we can generate revenues, generate jobs and investments all over the country,’ Marcos had said in a speech after he signed RA 12001 into law.
Priority measures
‘No longer will we rely on the outdated valuation system,’ he added.
During the Ledac meeting, the President updated Congress on the 24 new priority measures that he wanted to be passed into law by June 2027, before he delivers his sixth and last State of the Nation Address (Sona).
Among these were the measures he mentioned in his fifth Sona: Promoting Growth, Revenue, and Equity Toward Socio-Economic Sustainability bill which aims to exempt employees earning up to P350,000 annually from paying income tax; as well as amendments to the Electric Power Industry Reform Act, including the abolition of system loss charge, strengthening of the Energy Regulatory Commission and the Sariling Kuryente Act.
He also urged Congress to pass a general tax amnesty, including estate tax amnesty.
The fourth full meeting of Ledac was supposed to happen on May 19, but it was canceled following changes in the Senate leadership.
The Aug. 6 event was the first full Ledac meeting attended by Senate President Sherwin Gatchalian and House Speaker Faustino ‘Bojie’ Dy III.
Following the fourth full Ledac meeting, there are now 58 priority common legislative agenda bills for passage under the 20th Congress
Source: Philippines Daily Inquirer