Marcos ‘supports’ suspending real property tax hike — Palace

MANILA — President Ferdinand Marcos Jr. supports suspending the increase in real property tax, Malacañang said Wednesday.

This comes after private companies in the real estate sector appealed for the suspension, citing the effects of the Middle East crisis.

Marcos presided over a “special meeting” with the Private Sector Advisory Council (PSAC) Infrastructure Sector Group–Real Estate on Tuesday, September 22.

“Nais po nila ay magkaroon muna ng suspension ng pagtaas dahil sa nararanasan natin ngayong krisis. Parang hindi napapanahon ngayon na dagdagan pa natin ng pasanin ang mga property owners para po hindi naman makabigat pa sa bulsa nila,” Palace Press Officer Undersecretary Claire Castro said in a briefing Wednesday, September 23.

The Department of Finance is now working on the matter, according to Castro.

“Opo, kasi may sinimulan na po ang Department of Finance,” Castro replied when asked whether the President supports the suspension.

During a Legislative-Executive Development Advisory Council (LEDAC) meeting in August, Marcos Jr. asked Congress leaders to temporarily suspend the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA) to prevent additional property-related costs on businesses, support investments, and ensure a gradual and reasonable transition to the new property valuation system.