CEBU, Philippines - The Senate Committee on Ways and Means headed by Sen. Panfilo Lacson conducted the second consultative hearing at the Capitol Social Hall yesterday on the proposed Land Valuation Reform Act filed by Senators Lito Lapid, Edgardo Angara and Rodolfo Biazon.
This was attended also by officials from the Bureau of Local Government Finance, National Tax Research Center and provincial assessors and treasurers from Regions 7 and 8. The first public hearing regarding the said bill was conducted in Naga City in the Bicol Region.
Lacson also said that the main purpose of Valuation Reform Act is to protect the land owner, to increase revenue collection and also to set one standard for all market value.
This will also guide landowners who wish to know the appropriate value or worth of their lots as well as to catch up on global competition.
In order to achieve the policy and objectives declared in the said bill, the National Valuation Authority shall be established to serve as the primary agency of the government on matters concerning the valuation or appraisal of real properties in the Philippines.
The said bill is still pending in the House of Representatives and the Senate.
However, questions were raised regarding the said bill that seeks to extract 25 percent from the budget that a local government allots for its Special Education Fund, this regarding the house version filed also by Rep. Juan Edgardo M. Angara.
The extracted amount is being proposed to be used as a source of fund for real property administration as called for by the Senate and House bills.
The third public hearing will be held in Bacolod City this March 12.
Earlier yesterday before the second public hearing was conducted Lacson paid a courtesy call to Cebu Governor Gwendolyn Garcia. — Johanna Natavio/BRP (THE FREEMAN)