Manila:President Ferdinand R. Marcos Jr. is considering the suspension of increases in real property valuations, as concerns mount over the potential financial impact on property owners.

According to Philippines News Agency, the proposal to temporarily halt the hikes was discussed during a meeting with the Private Sector Advisory Council (PSAC) Infrastructure Sector Group - Real Estate at Malaca±an Palace. During the meeting, the private sector highlighted the economic challenges and emphasized the importance of avoiding additional costs for property owners.

Palace Press Officer Claire Castro stated that PSAC believes it is not the right time to impose further financial burdens on property owners, given the current economic crisis. The meeting also addressed the potential consequences of enforcing new Schedules of Market Values (SMVs) and general property assessments, including options to increase, decrease, or maintain real property taxes.

Castro emphasized that the real estate sector plays a crucial role in the economy, benefiting not only property developers and workers but also suppliers, banks, and housing lenders. The proposal arises during the implementation of the Real Property Valuation and Assessment Reform Act, aimed at standardizing property valuation and assessment systems.

When asked about the President's stance on the proposal, Castro indicated that he is inclined to support it. She also mentioned that the Department of Finance is already taking steps regarding the matter. The meeting underscored the significant impact of the real estate industry on the broader economy, highlighting its integral role in economic activities.