President Ferdinand Marcos Jr. has proposed temporarily suspending the Real Property Valuation and Assessment Reform Act (RA 12001) to protect businesses from added costs and ensure a smooth transition to the new system, Malacañang announced Thursday.
Palace Press Officer Claire Castro stated that Marcos raised the proposal during the LEDAC meeting on Wednesday.
“Nagpanukala si Pangulong Ferdinand Marcos Jr. sa dalawang kapulungan sa LEDAC meeting nitong August 6, 2026 ng pansamantalang pagsuspinde ng pagpapatupad ng Real Property Valuation and Assessment Reform Act o Republic Act No. 12001,” Castro said.
“(Ito’y) upang maiwasan ang karagdagang mga gastos sa ari-arian para sa mga negosyo, suportahan ang mga pamumuhunan, at tiyakin ang isang dahan dahan at makatwirang transisyon patungo sa bagong valuation system,” she added.
Signed on June 13, 2024, RA 12001 aims to modernize Philippine property taxation via a market-based valuation system, reorganize the Bureau of Local Government Finance, and provide a two-year tax amnesty ahead of its 2028 rollout.
Additionally, Marcos and congressional leaders reviewed 24 priority measures for the 20th Congress, which cover governance and transparency bills such as the Anti-Political Dynasty Law, Party-List System Reform Act, Freedom of Information Act, and Philippine Budgeting Code; economy and infrastructure proposals including the BRIGHT Act, EPIRA amendments, Waste-to-Energy Bill, General Tax Amnesty, Travel Tax Abolition, and the Sariling Kuryente Act; education and social welfare measures like the Expanded National Nutrition Program, Classroom-Building Acceleration Program, and amendments to education laws; as well as protection and health initiatives including the Child Online Safety and Protection Act, National Center for Geriatric Health Act, and the National Reintegration Law.