{
  "id": 9790169,
  "title": "PSAC seeks 4-year delay in property valuation reform",
  "url": "https://urgent.news/2026/09/25/psac-seeks-4-year-delay-in-property-valuation-reform",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-25T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/09/26/2558869/psac-seeks-4-year-delay-property-valuation-reform"
  },
  "original_language": "en",
  "account": "Manila, Philippines - The Private Sector Advisory Council Infrastructure Sector (PSAC-Infra) is advocating for a four-year delay in the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA) to 2031. This request stems from rising financing and construction costs that are affecting property values and making it difficult for property owners and local governments to adjust to the new standards. The recommendation was discussed during a meeting with President Marcos on September 22.\n\nAmong the council's proposals to manage property costs and expand access to affordable housing is a phased transition that would limit real property tax increases to six percent annually for the first three years. They also recommended an Urban Housing Affordability Program where developers could sell higher-priced condominium units at discounted prices in exchange for incentives or credits towards balanced housing requirements. This program aims to increase urban housing availability and move existing housing inventory.\n\nFurthermore, PSAC-Infra called for an adjustment in socialized housing price ceilings ahead of the December 2027 review, as construction costs continue to rise. They emphasized the importance of public-private sector collaboration and the need for policies that consider the impact on Filipino families, jobs, and investment in the real estate sector. Ayala Corp. chief social infrastructure officer Paolo Borromeo highlighted the industry's commitment to supporting the government's socialized housing program, expressing a desire to partner with DHSUD and other agencies in providing more affordable housing options for Filipinos.\n\nThe real estate sector's contribution to the Philippines' GDP fell to 5.8 percent in the first quarter of the year, compared to the pre-pandemic average of 6.65 percent in 2018 and 2019. Slower project launches and construction could negatively affect employment, housing delivery, and local government revenues. Real estate remains a crucial pillar of the Philippine economy, with every P1 spent in the sector generating an estimated P3.44 in economic output and supporting various sectors such as construction, banking, retail, logistics, business process outsourcing, and tourism.",
  "summary": "The Private Sector Advisory Council Infrastructure Sector (PSAC-Infra) is pushing to delay the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA) to 2031 amid higher financing and construction costs.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}