The Bureau of Local Government Finance (BLGF) and the Land Registration Authority (LRA) signed the Memorandum of Understanding (MOU) on the exchange of proprietary information, pertinent to real estate valuation, transactions and corresponding taxation thereto.
BLGF Executive Director Niño Raymond B. Alvina and his LRA counterpart Atty. Ethel B. Regadio, signed the MOU at the 2019 BLGF Stakeholders Recognition Program on 12 December 2019 at the Philippine International Convention Center (PICC).
The MOU on data exchange aims to collaboratively establish a Real Property Valuation Information System (RPVIS), through information sharing and data exchange between BLGF and LRA. The information system shall help triangulate real property-related information of the Bureau of Internal Revenue (BIR) and supplement similar data lodged on the databases of the local government units (LGUs). The MOU is also in keeping with the pertinent provisions of the Data Privacy Act (DPA) as advised by the National Privacy Commission (NPC).
The system, likewise, shall facilitate data analyses at both sub-national and national level of the government’s performance on the real property tax collection and assessment.
The institutional collaboration between the BLGF and the LRA shall strengthen the Bureau’s organizational readiness on the anticipated passage of the Real Property Valuation and Assessment Reform Act or Package 3 of the Comprehensive Tax Reform Program of the Duterte Administration that aims to yield greater transparency in land transactions.