PBBM Seeks Suspension of RPVARA Implementation As Temporary Relief for Property Owners

Marcos Suggests Suspending RPVARA to Aid Property and Business Owners

​During the 4th Legislative-Executive Development Advisory Council meeting, President Bongbong Marcos suggested the suspension of the Real Property Valuation and Assessment Reform Act or RPVARA to help private property and business owners lower expenditures. The president emphasized the importance of implementing measures that will help boost the nation’s economy. So, what does the suspension of RPVARA basically means if officially implemented?

​Economic Reforms for Better Opportunities

During the meeting with the Executive and Legislative bodies, PBBM urged them to create more reforms that will strengthen the economy and provide better opportunities for Filipinos. This includes the possible amendment of the RPVARA to relieve property and business owners from additional financial burden. In addition, it also aims to encourage more people to capitalize on new business ventures, while making sure there will be proper transition to the new valuation system.
According to the Presidential Communications Office, President Marcos Jr., together with the congressional leaders, will discuss 24 bills included in the common legislative agenda. This means more reforms to recalibrate various governmental systems in many sectors. Some of these priority bills are the Right to Information Act, Amendments to the Bank Deposits Secrecy Law, Travel Tax Abolition, Philippine Budgeting Code, and EPIRA amendments.

RPVARA Suspension Benefits

Suspended implementation of RPVARA can help property and business owners protect their investments. This will give them temporary relief and be able to realign their finances as it prevents sudden cost spikes. Let’s admit it, taxes can be a burden, especially to Filipinos who are working hard to make ends meet. With this suggestion from the president himself, it would be a huge help for those who own businesses and properties in the country.
Another advantage of RPVARA suspension is the preservation of housing affordability. As a result, more Filipinos can afford to buy their dream homes or invest in properties for potential growth. The suspension will give lawmakers ample time to review its direct effects on real estate stakeholder as well as taxpayers.
As a whole, suspending RPVARA can boost investment confidence, which the country needs right now to help the economy. Pausing higher tax baselines can make the country more competitive while it reassures investors with stable cost environment. More importantly, it allows LGUs and assessors to digest new policies, modernize systems, and build seamless technical structures.

Final Thoughts

Delaying the RPVARA implementation can boost the confidence of investors in the Philippines. It guarantees them firm cost environment. If you’re looking to invest in a house, this means preserving the affordability of homes. You can check out REALS.PH for the best property listings, including house for sale in Baguio City. Feel free to contact us today if you have questions regarding the listed properties on the website. Also, our real estate agents are ready to accommodate your inquiries and other related concerns.