Marcos Backs Suspension of Property Tax Hike as Property Owners Seek Relief

President Ferdinand “Bongbong” Marcos Jr. supports the suspension of a property tax hike following a request from the Private Sector Advisory Council (PSAC), Malacañang confirmed on Wednesday. Marcos met with the PSAC Infrastructure Sector Group–Real Estate on Tuesday to discuss business sector concerns. Palace Press Officer Claire Castro stated the discussion was productive and addressed the property tax issue. “They want a suspension because… a suspension of the increase because of the ongoing crisis, it does not appear timely to add to the burden of property owners so that it is not so heavy on their pockets. So that is what they want, to suspend the increase of value in real property,” Castro explained. While she did not specify the crisis, the Philippines is currently grappling with rising inflation driven by the Middle East fuel crisis. The Department of Finance (DOF) has been tasked to act on this matter, though Castro did not elaborate on the agency's instructions. “The DOF is acting on this,” she said. In August, Marcos had already asked Congress to suspend the Real Property Valuation and Assessment Reform Act, or Republic Act No. 12001 (RPVARA). This act aims to update outdated real property valuation systems and unify appraisal methods to international standards. Castro later clarified to GMA News Online that the tax measure raised by the PSAC was the RPVARA and confirmed that Congress would need to act on the request. —RF, GMA News