00:00Commissioner, earlier I was told that the President has passed a bill
00:07to unify Negros Island.
00:10And part of this is what President Marcos will sign
00:13on the Real Property Valuation and Assessment Reform Act.
00:17Can you tell us more about this?
00:19Well, in general, the system of valuing real property is different.
00:25So now, the aim of this law is to have a standard
00:29that will follow the valuation of real property.
00:32And it will only follow one standard.
00:34There will be a schedule of market values in the whole country
00:39and it is determined there how much the valuation of properties in different places will be.
00:45So what will be the basis there is what is the classification of a city or municipality
00:50because there are first-class, second-class municipalities or cities, right?
00:54That's right.
00:55That's how it will be because the classification and values will be different.
01:00So there will be a standardized valuation of real property
01:05and it will be adopted in the whole Philippines
01:07and there will be only one schedule of market values
01:11so that it will not be different.
01:13So when this Negros Island region unifies,
01:17will the real property value be unified there?
01:22Well, again, there will be two firms.
01:25In Negros, it is different in the real property valuation and assessment.
01:31So it is a different topic.
01:33The real property is where the valuation of real property is discussed
01:38and it will be a standard.
01:39At least with respect to BIR and local government,
01:45both will be valued.
01:47How will it be valued?
01:48Is there a certain percent?
01:49What will happen here in Quezon City where the land is really expensive?
01:52It will be different because the valuation will be the same.
01:59And now, the values established here in BIR are different.
02:05We value properties every three years.
02:10So we have a public hearing
02:13and the local government also does something different in valuing their properties.
02:17That is why it is sometimes different.
02:19That is why the purpose of this is that the schedule of market values of the properties should be unified.
02:24That's it.
02:25Maybe it's also good.
02:26That's why I asked if it can also be connected.
02:29Maybe the value will increase because the Negros Oriental, Occidental, and Siquijor will be unified.
02:35I will go there tomorrow because there is a gymnastics competition in Bacolod.
02:40Good luck.
02:41Good luck to my son.
02:42But I'm still here in the new Philippines.
02:45And this is where our program ends for today.
02:50Join us again tomorrow for an important discussion and a quick action of the government.
02:55From the Presidential Communications Office, I am Assistant Secretary Weng Hidalgo.
