As part of the campaign for the Proposed Real Property Valuation Reform under Package 3 of the Comprehensive Tax Reform Program (CTRP), DOF Assistant Secretary Antonio Lambino briefly discussed the overview of CTRP during the National Economic Development Authority (NEDA) Sectoral Coordination Forum at Ace Hotel and Suites, Pasig City emphasizing the positive impact of VRA on regional development.
Director Ma. Pamela P. Quizon of BLGF provided a detailed presentation on the issues and corresponding recommendations in the valuation system in the country such as the wide disparities in values from the multiple and overlapping valuations, costs and foregone revenues from the outdated valuations and the absence of a comprehensive real property electronic database.
NEDA supported the introduction of Package 3 and believes it will increase the real property tax collections of local government units (LGUs) heavily dependent on internal revenue allotment (IRA). Director Quizon reiterates that the reform complements the proposed National Land Use Act (NLUA) that will enable NEDA to work with a more accurate land use projection using the updated land valuation system.