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Tuesdav, Noveinber 26, 2019
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House approves CTRP Package 3
BY JovEE jvlARrE N. DEL'A CRUZ
t @ioveemarie
tT-l HE House of Representa-
I tives on Monday approved
' I on third and final reading
a measure instituting reforms
in the country's real property
valuation.
Yoting 224 affirrnative, seven
negative and one abstention,
lawmakers approved House Bill
4664 or Real Property Valuation
Reform Bill.
The bill, which provides for
Package 3 of the Comprehensive
Tax Reform Program (CTRP), will
now be transmitted to the Senate
for its own deliberations.
The proposal seeks to reorganize
the Bureau of Local Government
Finance (BLGF), and seeks an al^
Iocation of P5B million to set up
a Real Property Valuation Service
within the BLGF for 2020.
Pursuant to the Local Govern-
ment Code of 1991, the bill seeks
to grant each local government
unit (LGU) the power to create its
own sources ofrevenue andto levy
taxes, fees and charges.
The bill aims to harmonize the
real property valuation for taxa-
tion purposes, which frees the BIR
from the task ofprom-ulga\ilg the
Schedule of Zonal Values.
The bill establishes and main-
tains valuation standards to gov-
ern the valuation of real property
in the country. It also provides a
comprehensive andup-to-date elec-
tronic database of all real property
transactions.
Themeasure also ensures trans-
parency inreal property trans-
ictions to proteri the publ:.
".td
t\ l.rAgt, _Ag ,,
develop confidence in the work of
appraisers and assessors.
House Committee on Ways and
Means Chairman Joey Sarte Sal-
ceda, principal author of the bill,
said this will enable the LGUs to
become self-reliant and perform
their role as development partners
of the national government.
Salc_eda said the ieal property
valuation reform bill is pro-local
government, explaining that, "we
expect P30.2-billion estimated
revenue for the first year of the
implementation for local govern-
ment units."
Package 3 is also beneficial
to the national government as it
will address the issues on right
of way, which have plagued the
speedy implementation of vital
infrastructure projects.