Marcos Inclined to Support Suspension of Real Property Tax Hike

MANILA, Philippines — President Ferdinand Marcos Jr. is inclined to support a proposal to suspend real property tax hikes, Malacañang said Wednesday, amid concerns from the private sector that higher valuations could increase property owners’ financial burden. Palace Press Officer Claire Castro said the Department of Finance (DOF) had already begun taking action on the issue following the private sector’s call for a postponement or suspension of the tax increase. The private sector has expressed apprehension that the upward adjustment in property valuations could lead to a substantial increase in real property taxes, potentially impacting homeowners and businesses. Real property taxes are a significant source of revenue for local government units (LGUs) in the Philippines. Adjustments to these taxes can have far-reaching implications for the real estate market and the overall economy. President Marcos Jr.'s administration has been emphasizing economic growth and stability. His inclination to consider the private sector's concerns reflects a balancing act between economic development and the financial well-being of citizens and businesses. The DOF's prompt action indicates the administration's willingness to address pressing economic issues. Further details on the proposed suspension and the DOF's specific actions are anticipated as the government deliberates on the matter.