Real Property Valuation Bill’s Passage in Senate Pushed by Business Groups

The Senate’s immediate passing of the Real Property Valuation and Assessment Reform Act, Package 3 of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), is being pushed for by business groups.

“We declare our strong support for the immediate passage of the Real Property Valuation and Assessment Reform Act,” expressed the groups.

11 business groups collectively agree with the development of a just, equitable, and efficient real property valuation system through the introduction of reforms intended in Package 3.

Among these reforms, the adoption of a uniform valuation standard and the establishment of a single valuation base serve to correct the conflicting land values that cause major delays and conflicts, which potentially drive investors away.

Package 3 also promises to widen the tax base for property taxes, which will deliver additional revenues for the national and local government units. Ideally, the Real Property Valuation and Assessment Reform Act will be beneficial to both public and private entities.

“The proposed reforms under package 3 will enhance transparency and credibility in the valuation standards in the country and confidence in the land market,” said the business groups.

Included in the 11 business groups are:

American Chamber of Commerce of the Philippines Inc., Australia-New Zealand Chamber of Commerce Philippines, Canadian Chamber of Commerce of the Philippines Inc., European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc.,  Korean Chamber of Commerce Philippines, Foundation for Economic Freedom, Philippine Chamber of Commerce and Industry, and  Philippine Institute of Environmental Planners Rural Bankers Association of the Philippines.

Source: Manila Bulletin