Marcos Jr. Seeks Suspension of Real Property Valuation Law

PRESIDENT Ferdinand R. Marcos, Jr. has asked Congress to suspend the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA), Malacañang said on Thursday. Palace Press Officer Clarissa A. Castro told reporters via Viber that the proposed suspension of Republic Act No. 12001, which was discussed during the fourth Legislative-Executive Development Advisory Council meeting on Thursday, aims to avoid additional property costs for businesses, support investments and allow a gradual transition to the revised valuation system. Signed by Mr. Marcos in 2024, the law establishes a uniform real property appraisal system based on international standards, with full implementation targeted by 2028. The meeting also tackled 24 priority bills targeted for passage by June 2027, including measures on political dynasties, freedom of information, bank secrecy, power reform and tax amnesty, Ms. Castro told reporters in a Viber group chat. — Erika Mae P. Sinaking