President Marcos has asked Senate and House leaders to suspend implementation of Republic Act No. 12001, the Real Property Valuation and Assessment Reform Act, in order to ease the financial burden on businesses and private property owners, according to Inquirer.net. The request was raised at the fourth full meeting of the Legislative-Executive Development Advisory Council (Ledac) on August 6, where Marcos, Cabinet members and congressional leaders discussed measures to strengthen the economy and improve governance.
The Palace said the administration and Congress agreed to review implementation of RA 12001, which Marcos had championed since his time as a senator. Enacted in June 2024, the law establishes a uniform system for appraising real property based on international standards and adopts prevailing market value as the sole basis for real-property tax assessment. It also mandates that local government units maintain a Real Property Information System, a digital platform for real-property tax administration.
The Palace said 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.” Following the Ledac meeting, there are now 58 priority legislative measures on the common agenda under the 20th Congress, including a proposed income-tax exemption for employees earning up to ₱350,000 annually and a general tax amnesty.
References
Philippine Daily Inquirer / Inquirer.net — Congress asked to put tax valuation law on hold
