Rep. Luis Raymund Villafuerte of Camarines Sur lauded President Ferdinand Marcos Jr.’s signing into law of Republic Act 12001 or the Real Property Valuation and Assessment Reform Act.
Villafuerte, a co-author of the newly signed RA 12001, said this new law shall reorganize the Bureau of Local Government Finance into the sole state agency in charge of streamlining and boosting real property valuation in the country by coming up with a single Schedule of Market Values for all LGUs “to correct the current absence of a unified national standard that has only bred red tape, ROW conflicts and lengthy court disputes—and barred Government from harnessing the full potentials of the...
“The weak collection efficiency of LGUs hurts their collective capability to raise bigger revenues from real properties, hence hampering their ability to bankroll sufficiently the necessary public services for the good of their respective constituents,” Villafuerte said. The President signed RA 12001 on Thursday along with RA 12001—which Villafuerte had likewise co-authored—that established the Negros Island Region from Negros Occidental, Negros Oriental, Bacolod City and Siquijor.
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