Manila, Philippines – On Thursday, President Marcos signed into law a measure aimed at overhauling the country’s real property valuation and assessment system. This new legislation, known as Republic Act No. 12001 or the Real Property Valuation and Assessment Reform Act (RPVara), promises to improve tax collection by streamlining and digitalizing the previously “outdated” system.
A Senator’s Vision Realized:
President Marcos had proposed this law during his tenure as a senator, recognizing the critical need for modernization in property valuation to enhance the nation’s tax collection capabilities. The signing ceremony took place in Malacañang, where Marcos expressed his optimism about the transformative potential of the new law.
Marcos’ Vision:
“This new law is borne out of necessity and the realization that there is a need to enhance the country’s tax collection system so we can generate revenues, generate jobs, and attract investments all over the country. No longer will we rely on the outdated valuation system,” President Marcos said in his speech. He emphasized that the Real Property Valuation and Assessment Reform Act will “change our real estate landscape” by raising bureaucratic efficiency through transparency, digitalization, and innovation.
Key Features of the New Law:
- Streamlined Processes: The law aims to simplify and standardize the valuation process across different regions, reducing inconsistencies and bureaucratic delays.
- Digitalization: By incorporating digital tools and platforms, the new system will ensure more accurate and accessible property data, making the process more transparent.
- Enhanced Tax Collection: Improved valuation methods are expected to lead to better tax assessments, increasing the government’s revenue collection capabilities.
Impact on Real Estate and Economy:
The Real Property Valuation and Assessment Reform Act is anticipated to have far-reaching effects on the Philippine real estate sector and the broader economy. By making property valuation more efficient and transparent, the law aims to attract more investments, stimulate job creation, and enhance public trust in the government’s tax system.
Conclusion:
The signing of RA No. 12001 marks a significant step towards modernizing the Philippines’ property valuation system. As the country transitions to this new, digitalized approach, it is expected to see improvements in tax collection, economic growth, and public sector efficiency. President Marcos’ initiative underscores his commitment to leveraging innovation for national development.
