Marcos Backs Temporary Halt to Property Valuation Hikes

PRESIDENT Ferdinand R. Marcos, Jr. is supportive of a request to temporarily suspend increases in real property valuations that could raise property tax burdens, Malacañang said. Palace Press Officer Clarissa A. Castro said the Department of Finance (DoF) has begun taking action on suspending scheduled real property valuation hikes following Mr. Marcos’ meeting on Tuesday with the Private Sector Advisory Council Infrastructure Sector Group-Real Estate. Ms. Castro did not specify what action the DoF is expected to take to implement the suspension. Under Philippine law, real property taxes are computed using official land value schedules set by local governments and tax authorities. “What they want is to have a temporary suspension of the increase so that it does not add to the burden on property owners,” Ms. Castro told a news briefing in Filipino. “It was discussed how to offer our countrymen more affordable prices to acquire their own homes, improve property valuation, and strengthen investment,” Ms. Castro added. — Erika Mae P. Sinaking