THE reform of the property valuation system and the digitalization of records is expected to drive growth in the housing industry, while simultaneously boosting the revenue of local governments through higher property tax assessments, economists said. READ
“This is consistent with addressing the housing backlog of about 6.5 million units of the country. Housing has a high multiplier effect on the economy as it supports many workers in the construction sector, and many businesses, industries for various construction materials, furniture, appliances, and the like,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.
Mr. Ricafort said that one of the key reform measures is the updating of property valuation methods as the basis for assessing property taxes. The government is monitoring the updating of real property tax base and rates in LGUs, Mr. Diokno added.
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